The U.S. Bureau of Labor Statistics' recent press release indicates a 0.4% increase in the Consumer Price Index for All Urban Consumers (CPI-U) for September 2023, down from the 0.6% rise in August. Over the year, the index reported a 3.7% increase prior to seasonal adjustments.
Shelter was the main contributor to the index's monthly increase, representing more than half the rise. The gasoline index also had a significant impact. The energy sector displayed mixed results but achieved a 1.5% growth monthly. Food prices consistently increased by 0.2%, similar to the preceding two months.
At-home food costs rose by 0.1% while dining out experienced a 0.4% increase. Pork prices had a notable 1.6% hike. However, cereals and bakery products saw a 0.4% dip, their first since June 2021.
September's energy sector saw a 1.5% rise, bolstered by a 2.1% increase in gasoline prices. Electricity and fuel oil grew too, with the latter surging 8.5%. In contrast, natural gas prices decreased by 1.9%.
Discounting the volatile food and energy sectors, the index recorded a 0.3% growth in September, consistent with August's rise. The shelter index notably grew by 0.6%, while used cars and trucks prices declined by 2.5%.
Annually, the energy index fell by 0.5%. Natural gas and fuel oil experienced drops of 19.9% and 5.1% respectively. However, gasoline prices rose by 3.0%. Food costs, especially dining out, showed significant yearly increases.
The press release highlighted the CPI-U and CPI-W metrics, with both rising by 0.2% for September before seasonal adjustments. Their 12-month growth stood at 3.7% and 3.6%, respectively. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) mirrored this growth. The Bureau cautions that figures from the past 10-12 months might see revisions.