by Calculated Risk on 10/14/2005 12:04:00 PM

UPDATE: Dr. Altig's take: The CPI Report: Very Interesting

UPDATE2: Also see Dr. Hamilton's take: Inflation's back?

The BLS reported:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2 percent in September, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The September level of 198.8 (1982-84=100) was 4.7 percent higher than in September 2004.

Reader Gary Evans suggested I look at some of the components. Here are a few:
Fun CPI numbers (over last 12 months):

All items	4.69%
Energy	35.14%	8% of CPI
Medical Care	3.93%	6.1% of CPI
Food	2.52%	14.3% of CPI
Shelter	1.95%	32.7% of CPI

Thank goodness shelter (the largest component in the index) is holding CPI down.

For more fun, see Barry Ritholtz: Look Ma, No Inflation!