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Gasoline index continues to fall sharply, down 21 percent in 2014

January 21, 2015

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent from December 2013 to December 2014. The energy index declined 10.6 percent over the year, led by sharp declines in the indexes for gasoline and fuel oil.
12-month percent change in CPI for All Urban Consumers (CPI-U), not seasonally adjusted, December 2013–December 2014
Expenditure category Dec 2013 Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014

All items

 1.5 1.6 1.1 1.5 2.0 2.1 2.1 2.0 1.7 1.7 1.7 1.3 0.8

Food

 1.1 1.1 1.4 1.7 1.9 2.5 2.3 2.5 2.7 3.0 3.1 3.2 3.4

Food at home

 0.4 0.5 0.9 1.4 1.7 2.7 2.4 2.7 2.9 3.2 3.3 3.4 3.7

Food away from home

 2.1 2.0 2.2 2.3 2.2 2.2 2.2 2.4 2.5 2.7 2.8 2.9 3.0

Energy

 0.5 2.1 -2.5 0.4 3.3 3.3 3.2 2.6 0.4 -0.6 -1.6 -4.8 -10.6

Energy commodities

 -0.8 0.5 -6.8 -4.0 2.7 2.7 2.3 1.2 -2.4 -3.3 -4.9 -10.2 -20.5

Gasoline (all types)

 -1.0 0.1 -8.1 -4.7 2.4 2.3 2.0 0.8 -2.8 -3.6 -5.0 -10.5 -21.0

Fuel oil

 -1.8 2.0 2.9 2.1 3.7 5.3 4.0 2.2 -0.2 -3.2 -6.5 -10.1 -19.1

Energy services(1)

 2.4 4.5 4.8 7.8 4.3 4.4 4.4 4.7 4.6 3.5 3.2 2.9 3.7

Electricity(1)

 3.2 4.4 3.8 5.3 2.1 3.6 4.2 4.0 4.1 2.8 3.1 2.8 3.1

Utility (piped) gas service(1)

 -0.1 4.9 8.3 16.4 11.8 7.3 5.1 6.9 5.8 5.8 3.4 3.2 5.8

All items less food and energy

 1.7 1.6 1.6 1.7 1.8 2.0 1.9 1.9 1.7 1.7 1.8 1.7 1.6

Commodities less food and energy commodities

 -0.1 -0.3 -0.4 -0.3 -0.3 -0.2 -0.2 -0.3 -0.4 -0.3 -0.2 -0.5 -0.8

New vehicles

 0.4 0.0 0.3 0.2 0.4 0.5 0.0 0.2 0.4 0.3 0.6 0.6 0.5

Used cars and trucks

 2.0 1.5 0.6 0.1 0.2 0.2 0.1 0.2 0.0 -0.4 -1.7 -3.1 -4.2

Apparel

 0.6 -0.3 -0.6 0.5 0.6 0.8 0.9 0.3 0.0 0.5 0.7 -0.3 -2.0

Medical care commodities

 0.3 0.8 1.7 1.3 1.6 2.5 2.8 3.0 2.6 2.9 2.6 3.1 4.8

Services less energy services

 2.3 2.3 2.2 2.3 2.6 2.7 2.7 2.6 2.5 2.4 2.5 2.5 2.4

Shelter

 2.5 2.6 2.6 2.7 2.8 2.9 2.8 2.9 2.9 3.0 3.0 3.0 2.9

Transportation services

 1.7 1.2 1.4 1.4 2.3 3.1 3.2 1.8 1.5 1.4 1.8 1.8 1.7

Medical care services

 2.5 2.5 2.4 2.4 2.7 3.0 2.6 2.5 1.9 1.7 1.9 2.3 2.4
Footnotes:

(1) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator.

The index for food rose 3.4 percent, its largest 12-month increase since February 2012. The index for food at home increased 3.7 percent, with the indexes for fruits, vegetables, meats, poultry, and fish all rising over that period. The index for food away from home rose 3.0 percent.

For the year ending in December 2014, the index for all items less food and energy rose 1.6 percent. The increase was the smallest since the 12 months ending in February 2014. The shelter index increased 2.9 percent, while the medical care services index increased 2.4 percent. 

These data are from the BLS Consumer Price Index program and are not seasonally adjusted. To learn more, see "Consumer Price Index — December 2014" (HTML) (PDF).

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Gasoline index continues to fall sharply, down 21 percent in 2014 at https://www.bls.gov/opub/ted/2015/gasoline-index-continues-to-fall-sharply-down-21-percent-in-2014.htm (visited December 05, 2024).

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