March 18, 2014

Consumer prices up some in February

March 19, 2014 – On a seasonally adjusted basis, overall consumer prices increased 0.1 percent in February, according to data published by the Bureau of Labor Statistics and analyzed by NAFCU Senior Economist Curt Long.

For the 12-month period, overall consumer price index growth was 1.1 percent, down from 1.6 percent in January. "The decrease in year-over-year growth is primarily due to falling household energy costs," Long said in a NAFCU Macro Data Flash report.

Core prices – excluding food and energy costs – rose 0.1 percent in February month over month following a 0.1 percent increase in January. Long noted that on a year-over-year basis, core CPI remained at 1.6 percent and has been relatively stable over the past 10 months.

Energy prices decreased by 0.5 percent in February, following a 0.6 percent increase in January. From a year ago, energy prices were down 2.5 percent. Food prices increased 0.4 percent in February following an increase of 0.1 percent in January; they were up 1.4 percent on a year-over-year basis.