The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2% in February, following a 0.5% increase in January, according to the U.S. Bureau of Labor Statistics. Over the past year, the overall index increased by 2.8% before seasonal adjustments. The shelter index rose 0.3% in February, contributing significantly to the monthly increase, though it was partially offset by a 4% drop in airline fares and a 1% decline in gasoline prices. Despite the drop in gasoline, the energy index grew by 0.2% due to higher electricity and natural gas prices. The food index also climbed by 0.2%, with food away from home up 0.4%, while food at home remained unchanged.
In February, total nonfarm payroll employment rose by 151,000, while the unemployment rate remained largely unchanged at 4.1%, according to the Employee Situation Summary from the U.S. Bureau of Labor Statistics. The number of long-term unemployed remained at 1.5 million, accounting for about 21% of the total unemployed. The employment-population ratio dropped slightly to 59.9%, and the labor force participation rate held steady at 62.4%. Additionally, the number of people employed part-time for economic reasons rose by 460,000, reaching 4.9 million, and the number of individuals not in the labor force but wanting a job increased by 414,000 to 5.9 million. Among those marginally attached to the labor force, the number of discouraged workers decreased by 128,000 to 464,000.
The Producer Price Index (PPI) for final demand remained unchanged in February, after rising 0.6% in January and 0.5% in December, with a 3.2% increase over the 12 months ending in February. The February change was driven by a 0.3% increase in prices for final demand goods, which offset a 0.2% decline in services. Prices for goods were led by a 1.7% jump in food prices, particularly a 53.6% surge in chicken egg prices, while energy prices fell by 1.2%. Services saw a 0.2% drop, mainly due to a 1.0% decline in trade services—though prices for certain services like inpatient care rose. Excluding food, energy and trade services, the index for final demand increased by 0.2% in February, reflecting a 3.3% rise over the past year.
U.S. import prices rose by 0.4% in February, continuing the 0.4% increase seen in January, driven by higher fuel and nonfuel prices. Meanwhile, U.S. export prices increased by 0.1% in February, following a stronger 1.3% rise in January. Fuel prices increased by 1.7%, driven by higher petroleum and natural gas prices, while nonfuel import prices advanced 0.3%, led by higher costs for industrial supplies and consumer goods. Prices for foods, feeds and beverages remained unchanged, while prices for nonfuel industrial supplies surged 1.8%. Finished goods prices were mixed, with capital goods decreasing 0.2% and consumer goods rising 0.4%. U.S. export prices increased 0.1% in February, following a 1.3% rise in January, with higher prices for both agricultural and nonagricultural exports. Over the past year, export prices increased by 2.1%.
References
https://www.bls.gov/news.release/cpi.nr0.htm
https://www.bls.gov/news.release/empsit.nr0.htm
