The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in November on a seasonally adjusted basis, after being unchanged in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.

The index for shelter continued to rise in November, offsetting a decline in the gasoline index. The energy index fell 2.3 percent over the month as a 6.0-percent decline in the gasoline index more than offset increases in other energy component indexes. The food index increased 0.2 percent in November, after rising 0.3 percent in October. The index for food at home increased 0.1 percent over the month and the index for food away from home rose 0.4 percent.

The index for all items less food and energy rose 0.3 percent in November, after rising 0.2 percent in October. Indexes which increased in November include rent, owners’ equivalent rent, medical care, and motor vehicle insurance. The indexes for apparel, household furnishings and operations, communication, and recreation were among those that decreased over the month.

The all items index rose 3.1 percent for the 12 months ending November, a smaller increase than the 3.2-percent increase for the 12 months ending October. The all items less food and energy index rose 4.0 percent over the last 12 months, as it did for the 12 months ending October. The energy index decreased 5.4 percent for the 12 months ending November, while the food index increased 2.9 percent over the last year.

One-month percent change in CPI for All Urban Consumers (CPI-U), seasonally adjusted, Nov. 2022 – Nov. 2023

Consumer Price Index - November 2023

Food

The food index rose 0.2 percent in November, after rising 0.3 percent the previous month. The index for food at home increased 0.1 percent over the month, after rising 0.3 percent in October. Four of the six major grocery store food group indexes increased over the month. The index for cereals and bakery products rose 0.5 percent in November after rising 0.2 percent in October. The fruits and vegetables index increased 0.3 percent over the month, and the nonalcoholic beverages index rose 0.5 percent in November. The index for dairy and related products increased 0.1 percent over the month.

The meats, poultry, fish, and eggs index decreased 0.2 percent in November as the indexes for pork, chicken, and beef all declined. The index for other food at home fell 0.1 percent over the month.

The food away from home index rose 0.4 percent in November, as it did in each of the previous 2 months. The index for full service meals rose 0.5 percent and the index for limited service meals increased 0.4 percent over the month.

The food at home index rose 1.7 percent over the last 12 months. The index for cereals and bakery products rose 3.4 percent over the 12 months ending in November. The dairy and related products index decreased 1.4 percent over the year. The remaining major grocery store food group indexes posted increases ranging from 0.1 percent (meats, poultry, fish, and eggs) to 3.3 percent (other food at home).

The index for food away from home rose 5.3 percent over the last year. The index for limited service meals rose 6.0 percent over the last 12 months, and the index for full service meals rose 4.3 percent over the same period.

Energy

The energy index fell 2.3 percent in November after decreasing 2.5 percent in October. The gasoline index decreased 6.0 percent in November, following a 5.0-percent decrease in the previous month. (Before seasonal adjustment, gasoline prices fell 7.3 percent in November.)

The index for fuel oil fell in November, decreasing 2.7 percent. The natural gas index rose 2.8 percent over the month after rising 1.2 percent the previous month. The index for electricity rose 1.4 percent in November, after increasing 0.3 percent in October.

The energy index fell 5.4 percent over the past 12 months. The gasoline index decreased 8.9 percent, the natural gas index declined 10.4 percent, and the fuel oil index fell 24.8 percent over this 12-month span. In contrast, the index for electricity rose 3.4 percent over the last year.

All items less food and energy

The index for all items less food and energy rose 0.3 percent in November, after rising 0.2 percent in October. The shelter index increased 0.4 percent in November, after rising 0.3 percent the previous month. The index for rent rose 0.5 percent in November, as did the index for owners’ equivalent rent. The lodging away from home index decreased 0.9 percent in November.

The shelter index was the largest factor in the monthly increase in the index for all items less food and energy. The used cars and trucks index rose 1.6 percent in November, ending a string of five consecutive monthly decreases in that index. Among the other indexes that rose in November was the index for motor vehicle insurance, which increased 1.0 percent after rising 1.9 percent the preceding month.

The medical care index rose 0.6 percent in November, after rising 0.3 percent in October. The index for physicians’ services increased 0.6 percent over the month, and the index for prescription drugs rose 0.5 percent. The hospital services index rose 0.1 percent in November.

The index for apparel fell 1.3 percent in November, after rising 0.1 percent the previous month. The index for household furnishings and operations declined 0.4 percent over the month, and the index for communication decreased 0.6 percent in November. Other indexes which declined in November include recreation, airline fares, and new vehicles.

The index for all items less food and energy rose 4.0 percent over the past 12 months. The shelter index increased 6.5 percent over the last year, accounting for nearly 70 percent of the total increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+19.2 percent), recreation (+2.5 percent), personal care (+5.2 percent), and new vehicles (+1.3 percent).

Article Courtesy of the Burea of Labor Statistics, US Department of Labor