CONSUMER PRICES GO UP .9% IN OCTOBER, 6.2% IN ONE YEAR

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WPCNR QUILL & EYESHADE. From the Bureau of Labor Statistics. November 10,2021:

CONSUMER PRICE INDEX – OCTOBER 2021

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent
in October on a seasonally adjusted basis after rising 0.4 percent in September,
the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 6.2 percent before seasonal adjustment.

The monthly all items seasonally adjusted increase was broad-based, with
increases in the indexes for energy, shelter, food, used cars and trucks, and
new vehicles among the larger contributors. The energy index rose 4.8 percent
over the month, as the gasoline index increased 6.1 percent and the other major
energy component indexes also rose. The food index increased 0.9 percent as the
index for food at home rose 1.0 percent. 

The index for all items less food and energy rose 0.6 percent in October after
increasing 0.2 percent in September. Most component indexes increased over the
month. Along with shelter, used cars and trucks, and new vehicles, the indexes
for medical care, for household furnishing and operations, and for recreation
all increased in October. The indexes for airline fares and for alcoholic
beverages were among the few to decline over the month.  

The all items index rose 6.2 percent for the 12 months ending October, the large
st 12-month increase since the period ending November 1990. The index for all
items less food and energy rose 4.6 percent over the last 12 months, the largest
12-month increase since the period ending August 1991. The energy index rose
30.0 percent over the last 12 months, and the food index increased 5.3 percent.


Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average

                                  Seasonally adjusted changes from
                                          preceding month
                                                                          Un-
                                                                       adjusted
                                                                        12-mos.
                              Apr.  May   June  July  Aug.  Sep.  Oct.   ended
                              2021  2021  2021  2021  2021  2021  2021   Oct.
                                                                         2021

 All items..................    .8    .6    .9    .5    .3    .4    .9      6.2
  Food......................    .4    .4    .8    .7    .4    .9    .9      5.3
   Food at home.............    .4    .4    .8    .7    .4   1.2   1.0      5.4
   Food away from home (1)..    .3    .6    .7    .8    .4    .5    .8      5.3
  Energy....................   -.1    .0   1.5   1.6   2.0   1.3   4.8     30.0
   Energy commodities.......  -1.4   -.6   2.6   2.3   2.7   1.3   6.2     49.5
    Gasoline (all types)....  -1.4   -.7   2.5   2.4   2.8   1.2   6.1     49.6
    Fuel oil (1)............  -3.2   2.1   2.9    .6  -2.1   3.9  12.3     59.1
   Energy services..........   1.5    .7    .2    .8   1.1   1.2   3.0     11.2
    Electricity.............   1.2    .3   -.3    .4   1.0    .8   1.8      6.5
    Utility (piped) gas
       service..............   2.4   1.7   1.7   2.2   1.6   2.7   6.6     28.1
  All items less food and
     energy.................    .9    .7    .9    .3    .1    .2    .6      4.6
   Commodities less food and
      energy commodities....   2.0   1.8   2.2    .5    .3    .2   1.0      8.4
    New vehicles............    .5   1.6   2.0   1.7   1.2   1.3   1.4      9.8
    Used cars and trucks....  10.0   7.3  10.5    .2  -1.5   -.7   2.5     26.4
    Apparel.................    .3   1.2    .7    .0    .4  -1.1    .0      4.3
    Medical care
       commodities (1)......    .6    .0   -.4    .2   -.2    .3    .6      -.4
   Services less energy
      services..............    .5    .4    .4    .3    .0    .2    .4      3.2
    Shelter.................    .4    .3    .5    .4    .2    .4    .5      3.5
    Transportation services    2.9   1.5   1.5  -1.1  -2.3   -.5    .4      4.5
    Medical care services...    .0   -.1    .0    .3    .3   -.1    .5      1.7

   1 Not seasonally adjusted.

Food

The food index increased 0.9 percent in October, the same increase as in September.
The food at home index increased 1.0 percent over the month as all six major grocery
store food group indexes continued to rise. The index for meats, poultry, fish, and
eggs continued to rise sharply, increasing 1.7 percent following a 2.2-percent
increase in September. The index for beef rose 3.1 percent over the month. 

The index for other food at home rose 1.2 percent over the month, its largest monthly
increase since April 2020, near the onset of the pandemic. The index for cereals and
bakery products rose 1.0 percent in October following a 1.1-percent increase the prior
month. The index for nonalcoholic beverages rose 0.8 percent in October, the index for
dairy and related products rose 0.2 percent, and the index for fruits and vegetables
advanced 0.1 percent.  

The food away from home index rose 0.8 percent in October after increasing 0.5 percent
in September. The index for full service meals rose 0.9 percent and the index for
limited service meals increased 0.8 percent over the month.  

The food at home index rose 5.4 percent over the past 12 months as all of the six
major grocery store food group indexes increased over the period. The index for meats,
poultry, fish, and eggs increased 11.9 percent, with the index for beef rising
20.1 percent and the index for pork rising 14.1 percent, its largest 12-month
increase since the period ending December 1990. The other major grocery store food
group indexes also increased over the last 12 months with increases ranging from
1.8 percent (dairy and related products) to 4.5 percent (nonalcoholic beverages). 

The index for food away from home rose 5.3 percent over the last year. The index for
limited service meals rose 7.1 percent over the last 12 months, and the index for full
service meals rose 5.9 percent, both the largest 12-month increases in the history of
the respective series. The index for food at employee sites and schools declined
sharply over the past year, falling 45.4 percent.

Energy

The energy index rose 4.8 percent in October after rising 1.3 percent in September.
The gasoline index rose 6.1 percent in October, its fifth consecutive monthly increase.
(Before seasonal adjustment, gasoline prices rose 3.7 percent in October.) The index
for natural gas rose 6.6 percent over the month, its largest monthly increase since
March 2014. The electricity index increased 1.8 percent in October, its largest 1-month
increase since May 2014, while the fuel oil index also rose sharply, increasing
12.3 percent.

The energy index rose 30.0 percent over the past 12 months, its largest 12-month
increase since the period ending September 2005. All the major energy component
indexes increased sharply over the last 12 months. The gasoline index rose
49.6 percent over the last year, and is now at its highest level since September 2014.
The fuel oil index increased sharply over the year, rising 59.1 percent. The index for
natural gas rose 28.1 percent over the last 12 months, and the electricity index rose
6.5 percent.

All items less food and energy

The index for all items less food and energy rose 0.6 percent in October as most major
component indexes increased. The shelter index increased 0.5 percent over the month,
as the indexes for rent and owners’ equivalent rent both rose 0.4 percent and the
index for lodging away from home increased 1.4 percent. Major vehicle indexes also
rose in October. The index for used cars and trucks rose 2.5 percent after declining
in August and September. The index for new vehicles rose 1.4 percent in October, its
seventh consecutive monthly increase.  

The medical care index increased in October, rising 0.5 percent, its largest monthly
increase since May 2020. The index for hospital services rose 0.5 percent, and the
index for prescription drugs advanced 0.6 percent; the index for physicians’ services
was unchanged. The household furnishings and operations index rose 0.8 percent, and the
recreation index increased 0.7 percent. Also rising in October were the indexes for
personal care (0.6 percent), tobacco (1.9 percent), education (0.2 percent), and
communication (0.1 percent).

The motor vehicle insurance index and the apparel index were both unchanged in October.
The index for airline fares was one of the few to decline, falling 0.7 percent; the
index for alcoholic beverages decreased 0.2 percent.  

The index for all items less food and energy rose 4.6 percent over the past 12 months.
Component indexes rising more include used cars and trucks (26.4 percent) and new
vehicles (9.8 percent, the largest 12-month increase since the period ending May 1975).
Indexes rising less than 4.6 percent include shelter (3.5 percent) and medical care
(1.3 percent). Few major component indexes declined over the past year; one exception
is airline fares (-4.6 percent).  

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 6.2 percent over
the last 12 months to an index level of 276.589 (1982-84=100). For the month, the
index increased 0.8 percent prior to seasonal adjustment.  

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased
6.9 percent over the last 12 months to an index level of 271.552 (1982-84=100). For
the month, the index rose 0.9 percent prior to seasonal adjustment.  

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased
6.1 percent over the last 12 months. For the month, the index increased 0.8 percent on
a not seasonally adjusted basis. Please note that the indexes for the past 10 to
12 months are subject to revision. 
_______________
The Consumer Price Index for November 2021 is scheduled to be released on Friday,
December 10, 2021 at 8:30 a.m. (ET).


--------------------------------------------------------------------------------------------------
 Coronavirus (COVID-19) Pandemic Impact on October 2021 Consumer Price Index Data

 Data collection by personal visit for the Consumer Price Index (CPI) program has been suspended
 almost entirely since March 16, 2020. When possible, data normally collected by personal visit
 were collected either online or by phone. Additionally, data collection in October was affected by
 the temporary closing or limited operations of certain types of establishments. These factors
 resulted in an increase in the number of prices considered temporarily unavailable and imputed.
 While the CPI program attempted to collect as much data as possible, many indexes are based on
 smaller amounts of collected prices than usual, and a small number of indexes that are normally
 published were not published this month. Additional information is available at
 www.bls.gov/covid19/effects-of-covid-19-pandemic-on-consumer-price-index.htm.
 
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