Filed Under:Agent Broker, Personal Lines Business

Auto and household insurance up in February consumer price index

The cost of groceries rose in February, the first time since last fall. (Photo: iStock)
The cost of groceries rose in February, the first time since last fall. (Photo: iStock)

The consumer price index prices fell 0.2% in February, thanks to another drop in the price of gasoline, according to figures from the U.S. Department of Labor, as reviewed by MarketWatch.

The rising cost of shelter and medical care, however, created upward pressure on underlying inflation.

According to the Bureau of Labor Statistics, energy prices fell 6% last month, but the price of food rose 0.2% as the cost of groceries rose for the first time since last fall.

Over the past 12 months the CPI has risen at a mild 1% rate.

Taking out food and energy, core prices jumped 0.3% in February, with higher costs for shelter, medical care and clothing leading the increase.

Core consumer prices have climbed at a 2.3% annual rate, the fastest pace since May 2012.

Real or inflation-adjusted hourly wages, meanwhile, were unchanged in February. They have increased by a mediocre 1.2% in the past 12 months.

Insurance-related figures

The consumer price index for Auto insurance rose 5.1% in February, which was down from January’s increase of 5.4%. Tenants’ and household insurance rose 1.6% in February, which was up from January’s increase of 1.4%.

February CPI

(Source: Insurance Information Institute)

Related: Auto insurance prices up 5.4% in January consumer price index

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