US CPI increased 0.4% in September; Shelter, food, and medical care were major contributors

As per the U.S. Bureau of Labor Statistics, the consumer price index (CPI) for All Urban Consumers in the US increased 0.4% in September 2022 on a seasonally adjusted basis after rising 0.1% in August 2022.  Over the previous 12 months, the all-items index improved 8.2% before seasonal adjustment.

Surges in the shelter, food, as well as medical care indexes were major contributors to the monthly seasonally adjusted all items increase. These surges were partially counterbalance by a 4.9% drop in the gasoline index. The food index increased constantly, up 0.8% over the month as the food at home index rose 0.7%. The energy index fell 2.1% over the month due to a drop in the gasoline index. On the other hand, the natural gas and electricity indexes increased.

The index for all items less food and energy improved 0.6% in September. It was similar in August. The indexes for shelter, medical care, motor vehicle insurance, new vehicles, household furnishings and operations, and education were among those that grew over the month. There were a few indexes that weakened in September, comprising those for used cars & trucks, apparel, as well as communication.

The all-items index grew 8.2% for the 12 months ending September, a somewhat smaller figure compared to 8.3% increase for the period ending August. The all items less food and energy index increased 6.6% over the previous 12 months. The energy index was up 19.8% for the 12 months ending September, a minor rise than the 23.8% growth for the period ending August. The food index increased 11.2% over 2021.

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