The Consumer Price Index rose 0.6% in September, following a 0.4% increase in August, and climbed 3.7% year over year. Gasoline prices drove more than half of the monthly increase in the all-items index, with the gasoline index jumping 9.1% for the month. The broader energy index increased 5.2%, up from a 2.1% rise in August, while the electricity CPI rose 0.2% and the natural gas index decreased 0.3%.
Shelter costs continued their upward trend, with the shelter index rising 0.4% in September after a 0.3% increase in August. Within this category, the index for owners’ equivalent rent rose 0.3%, and the rent index increased 0.2%. The index for lodging away from home rose 2.0%, following a 2.4% increase the previous month.
Food prices remained unchanged overall in September, though individual categories moved in different directions. The index for food away from home increased 0.2%, while the index for food at home fell 0.1%. Over the last year, the food index increased 2.5%. Three of the six major grocery store food group indexes decreased in September, with the other three increasing. The index for meats, poultry, fish, and eggs decreased 0.5%, driven by a 1.0% fall in the beef index. The index for other food at home decreased 0.2%, and the dairy and related products index dropped 0.9%, with the milk index declining 2.0%.
Year over year, the energy index increased 20.4%, largely due to a 34.2% rise in gasoline prices over the same period. The natural gas index increased 5.0% and the electricity index rose 4.4% over the last year.
Core CPI, which excludes volatile food and energy prices, rose 0.3% in September, matching the August increase. Several major indexes contributed to this rise, including recreation, used cars and trucks, education, airline fares, medical care, and apparel. The recreation index increased 0.5% after being unchanged in August, while the used cars and trucks index rose 0.7%. The education index increased 0.6%, and indexes for new vehicles, personal care, and motor vehicle insurance also climbed.
Specific service costs showed mixed results. The airline fares index increased 1.2%, and the apparel index rose 0.3%. Medical care costs edged up by 0.1% after falling 0.2% in August, with the hospital services index rising 0.7%. In contrast, the prescription drugs index declined 1.2%, while physicians’ services remained unchanged.
The communication CPI was among the few major indexes to decrease, falling 0.2% in September after rising 2.3% in August. The index for household furnishings and operations remained unchanged over the month.