Consumer Price Index, September 2022

The Consumer Price Index is the most widely used measure of inflation. This interactive visualization presents CPI data.

My visualization of CPI data is updated with data released today, which is for September 2022. To access it, click on Visualization: Consumer Price Index and inflation.

Of this data, the Bureau of Labor Statistics, an agency of the United States Department of Labor, reported:

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in September on a seasonally adjusted basis after rising 0.1 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.2 percent before seasonal adjustment.

Increases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly seasonally adjusted all items increase. These increases were partly offset by a 4.9-percent decline in the gasoline index. The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. The energy index fell 2.1 percent over the month as the gasoline index declined, but the natural gas and electricity indexes increased.

The index for all items less food and energy rose 0.6 percent in September, as it did in August. The indexes for shelter, medical care, motor vehicle insurance, new vehicles, household furnishings and operations, and education were among those that increased over the month. There were some indexes that declined in September, including those for used cars and trucks, apparel, and communication.

The all items index increased 8.2 percent for the 12 months ending September, a slightly smaller figure than the 8.3-percent increase for the period ending August. The all items less food and energy index rose 6.6 percent over the last 12 months. The energy index increased 19.8 percent for the 12 months ending September, a smaller increase than the 23.8-percent increase for the period ending August. The food index increased 11.2 percent over the last year. See Consumer Price Index – September 2022.

The Wall Street Journal reported:

U.S. consumer inflation excluding energy and food accelerated to a new four-decade high in September, a sign that strong and broad price pressures are persisting.

The Labor Department on Thursday said that its so-called core consumer-price index—which excludes volatile energy and food prices—rose 6.6% in September from a year earlier, the biggest increase since August 1982. The measure increased 6.3% in August.

The inflation report likely keeps the Federal Reserve on track to increase interest rates by 0.75 percentage point at its meeting next month. It also raises the risk officials will delay an anticipated slowdown in the pace of rate rises after that or signal that they are likely to raise rates to even higher levels early next year than previously anticipated by policy makers and investors. See Inflation Sits at 8.2% as Core Prices Hit Four-Decade High: Consumer-price index’s rise eased slightly in September but core index marked biggest increase since 1982.

The New York Times reported:

Fresh inflation data released Thursday showed that the consumer prices climbed far more quickly than expected and a key measure climbed to a fresh 40-year high, bad news for the Federal Reserve as it tries to bring the most rapid price increases in four decades back under control.

Overall inflation climbed 8.2 percent in the year through September, more than what economists recently surveyed by Bloomberg expected, though a slight moderation from the 8.3 percent increase in the year through August. The rate remains extremely high.

Prices increased 6.6 percent after stripping out fuel and food — which tend to be volatile and are often removed from inflation readings to allow for a better sense of underlying trends — a notable re-acceleration in the so-called core index. That was a fresh peak for the index this year, and was the fastest pace of annual increase since 1982. See September Inflation Report: Prices Rise Faster Than Expected.

Example from the visualization. Click for larger.

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