Energy And Used Car Prices Come Down While Food And Shelter Still Soars
March 14, 2023—U.S. consumer prices increased by 6 percent for the 12-month period ending in February, according to the Bureau of Labor Statistics. That is the smallest 12-month increase since the period ending September 2021. It is still well below the 2 percent target long held by the Federal Reserve.
Prices Dropping
Prices fell in February for a few items on the index. For example, the prices of oil, gas, and energy services came down by 7.9 percent, 8 percent, and 1.7 percent, respectively. The cost of used cars and trucks came down by 2.8 percent following months of a downturn that have brought prices down by 13.6 percent for the year. Also, medical care services dropped by 0.7 percent.
Prices Rising
Meanwhile, consumers faced higher prices on the following: transportation (1.1 percent higher in February and 14.6 percent for the year), food (9.5 percent for the year), shelter (1.1 percent higher in February and 8.1 percent for the year); new vehicles (0.2 percent in February and 5.8 percent for the year), apparel (0.8 percent for February and 3.3 percent for the year).
For more details, see the March 14 release by the BLS.
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