Annual CPI drops to 2.4%

October 10, 2024

Over the last 12 months, the Consumer Price Index for All Urban Consumers (CPI-U) increased 2.4 percent before seasonal adjustment. This represents the smallest 12-month increase since February 2021. See chart below.

In September, the all items index increased 0.2 percent on a seasonally adjusted basis, the same increase as in August and July, the U.S. Bureau of Labor Statistics reported.

The index for shelter rose 0.2 percent in September, and the index for food increased 0.4 percent. Together, these two indexes contributed over 75 percent of the monthly all items increase.

The energy index fell 1.9 percent over the month, after declining 0.8 percent the preceding month.

Indexes which increased in September include:

  • shelter,
  • motor vehicle insurance,
  • medical care,
  • apparel, and
  • airline fares.

The all items index rose 2.4 percent for the 12 months ending September, The all items less food and energy index rose 3.3 percent over the last 12 months. The energy index decreased 6.8 percent for the 12 months ending September. The food index increased 2.3 percent over the last year.