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Consumer prices up 3.2 percent from February 2023 to February 2024

March 21, 2024

Over the year ended February 2024, the Consumer Price Index for All Urban Consumers increased 3.2 percent (not seasonally adjusted), after a 3.1-percent increase from January 2023 to January 2024.

12-month percent change, Consumer Price Index, selected categories, February 2024, not seasonally adjusted
Category 12-month change

All items

3.2

Food

2.2

Food at home

1.0

Food away from home

4.5

Energy

-1.9

Gasoline (all types)

-3.9

Utility (piped) gas service

-8.8

Fuel oil

-5.4

Electricity

3.6

All items less food and energy

3.8

Shelter

5.7

Motor vehicle insurance

20.6

Medical care

1.4

Recreation

2.1

Personal care

4.2

Food prices increased 2.2 percent from February 2023 to February 2024, as prices for food at home rose 1.0 percent and prices for food away from home rose 4.5 percent. Within food at home, prices increased for other food at home and nonalcoholic beverages (2.3 percent each), cereals and bakery products (1.7 percent), and fruits and vegetables (0.8 percent) but fell for dairy and related products (−1.8 percent) and meats, poultry, fish, and eggs (−0.5 percent). Within food away from home, prices increased for limited service meals (5.2 percent) and full service meals (3.8 percent).

Energy prices fell 1.9 percent over the year ended February 2024. Gasoline prices decreased 3.9 percent, natural gas prices declined 8.8 percent, and fuel oil prices fell 5.4 percent. In comparison, electricity prices rose 3.6 percent.

From February 2023 to February 2024, prices for all items less food and energy rose 3.8 percent. Shelter prices increased 5.7 percent, accounting for roughly two thirds of the total 12-month increase in prices for all items less food and energy. Other categories with notable price increases over the year include motor vehicle insurance (20.6 percent), medical care (1.4 percent), recreation (2.1 percent), and personal care (4.2 percent).

These data are from the Consumer Price Index program and are not seasonally adjusted. To learn more, see "Consumer Price Index — February 2024." We also have more charts related to the latest Consumer Price Index news release. 

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Consumer prices up 3.2 percent from February 2023 to February 2024 at https://www.bls.gov/opub/ted/2024/consumer-prices-up-3-2-percent-from-february-2023-to-february-2024.htm (visited April 17, 2024).

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