KANSAS CITY – Prices in the Midwest Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.6% in February, the U.S. Bureau of Labor Statistics reported today. The February increase was led by a 0.4% rise in the all items less food and energy index, with higher prices for owners’ equivalent rent contributing most to the rise. The index for energy had a 4.0% increase over the month, while the index for food saw no change.
Over the last 12 months, the CPI-U advanced 2.8%. The index for all items less food and energy rose 3.4% over the year, while food prices increased 2.2%. Energy prices fell 3.1%, led by a decrease in the price of gasoline. (See chart 1.)
Food
Food prices were unchanged for the month of February. Prices for food at home (grocery store prices) were unchanged, while prices for food away from home (restaurant, cafeteria, and vending purchases) declined 0.1 percent for the same period. Rising prices within the food at home index included, meats, poultry, fish, and eggs, as well as nonalcoholic beverages and beverage materials, which advanced 0.5 percent and 0.3 percent, respectively. Offsetting the rise were declining prices for other food at home (-0.4 percent) and fruits and vegetables (-0.2 percent).
Over the year, food prices advanced 2.2 percent. Prices for food away from home rose 3.9 percent, and prices for food at home increased 1.1 percent for the same period. Other food at home (+1.9 percent) and nonalcoholic beverages and beverage materials (+3.9 percent) contributed most to the over-the-year increase.
Energy
The energy index rose 4.0 percent over the month. The increase was almost entirely due to higher prices for gasoline (+8.0 percent), but higher prices for natural gas service (+1.5 percent) also contributed. Electricity prices were unchanged over the month.
From February 2023 to February 2024, energy prices fell 3.1 percent. The decline was due to falling prices for gasoline (-5.0 percent) and natural gas service (-11.3 percent). Slightly offsetting the decline was an increase in prices paid for electricity (+4.5 percent).
All items less food and energy
The index for all items less food and energy advanced 0.4 percent in February. Higher prices for owners’ equivalent rent (+0.4 percent), apparel (+3.1 percent), and other goods and services (+1.3 percent) contributed the most to the increase. Partly offsetting the rise was a decline in prices paid for medical care services (-0.9 percent).
Over the year, the index for all items less food and energy advanced 3.4 percent. Components which contributed most to the increase included owners’ equivalent rent of residences (+6.5 percent), rent of primary residence (+6.3 percent), and other goods and services (+6.2 percent). Declining prices for household furnishings and operations (-2.6 percent) and public transportation slightly offset the rise.