January 16, 2004
For the 12-month period ended in December 2003, the Consumer Price Index for all Urban Consumers (CPI-U) increased 1.9 percent. In 2002 the increase was 2.4 percent.
Excluding food and energy, the CPI-U advanced 1.1 percent during the 12-month period ended in December 2003. This compares with a 1.9-percent rise in "core" CPI in all of 2002.
The principal reason for the smaller increase in core CPI in 2003 was a smaller advance in shelter costs—up 2.2 percent in 2003 compared with a 3.1-percent rise in 2002. The 2003 increase in the energy index of 6.9 percent was less than the 10.7-percent increase in 2002. The food index rose 3.6 percent in 2003 and 1.5 percent in 2002.