The CPI Rose in February by 0.4 Percent

Manuel Gutierrez, Consulting Economist at NKBA

In February, the consumer price index (CPI), rose by 0.4%. This is close to the average monthly rise over the past six months. The CPI saw a 6.0% increase year over year. Annual inflation has slowed, with an almost half-point lower annual CPI growth than January’s 6.4 percent increase.

Core inflation, which excludes volatile energy and food prices, indicated a faster inflation rate in February. The core prices increased by 0.5%, which is higher than the 0.4% each month in the previous two months. Over the past four months, core inflation has increased.

In February, the consumer prices of housing products and services rose by 0.5 per cent. This was slightly more than the overall CPI rise, but less than the average 0.7 percent increase over the past 12 months. The housing CPI increased by 8.2 percent annually, slightly less than the 8.3 percent in January. However, these two months have experienced the greatest annual growth since 1982.

The Bureau of Labor Statistics collects price data on three product categories that are close to our members’ businesses: Windows, Flooring, and Appliances. The February annual inflation rate for Appliances was just 1.6%, compared to 1.4 percent in the previous month. Annual inflation for major appliances like refrigerators and dishwashers was 5.9 percent. This is because they are more dependent upon new housing construction. However, prices for appliances like microwaves and refrigerators increased by 6.2 percent compared to a year ago.

After an increase of 5.8 per cent in January, window prices fell 3.3 percent in February. However, the annual inflation rose over the past four months, rising to 2.4 per cent in November 2022 and 3.2 per cent in December 2022 respectively, 7.2 percentage in January, and finally to 9.7percent in February.

In February, prices for flooring products increased by 0.3 percent. This brought annual inflation to 8.4 per cent. Despite the fact that it seems high, annual inflation was almost 15 percent lower than six months ago.

The post The CPI rose in February by 0.4 percent appeared first on NKBA.

By: NKBA Staff
Title: The CPI Rose in February by 0.4 Percent
Sourced From: nkba.org/2023/04/the-cpi-rose-in-february-by-0-4-percent/
Published Date: Wed, 12 Apr 2023 13:33:23 +0000

Frequently Asked Questions

Are open-concept and modular kitchens in decline?

Open-concept cooking is still very popular as they allow for easy access to all the kitchen areas. For a variety of reasons, some homeowners opt for more traditional kitchen designs.

An open-concept kitchen can make it very noisy. Another reason is that open-concept kitchens can be very noisy.

Families who like to cook together love open-plan kitchens. If your children love to play in the kitchen and aren’t listening to their parents, open-concept kitchens could be a nightmare. Before you make a decision about an open-concept kitchen design, weigh all the pros and cons.

Should cabinets be lighter or darker than walls?

There are no rules. This is a completely personal decision that will depend on your kitchen’s style, size, and shape. A general rule of thumb is that dark cabinets can make your kitchen feel smaller, cramped and unorganized. Brighter cabinets will brighten the space, making it appear larger.

Dark cabinets can make a large kitchen feel more intimate and cozy. While lighter cabinets will open up the space, they will be more functional.

It’s up you to decide the look and feel that you want in your kitchen. The cabinet colour you choose will also be up to you. Talk to a professional designer for guidance if you’re not sure.

Do you install flooring beneath kitchen appliances or not?

You can’t ignore the importance of putting flooring under kitchen appliances. This will ensure your countertop is at the right counter height.

What Do I Really Need to Remodel My Kitchen?

A kitchen remodel is a significant investment, so it’s essential to carefully consider whether or not it’s suitable for your home. You should consider many things when remodeling your kitchen. These include the age of your current kitchen and how it’s been maintained, your family’s lifestyle and budget, as well as your financial resources.

Remodeling your kitchen can make it functional and modern. If your family grows, a remodel may provide additional storage and counter area. A well-designed and designed kitchen can increase the value of your home.

However, kitchen remodeling isn’t always the best choice. It doesn’t make sense to renovate your kitchen if it is in good condition. Instead, you can focus on small changes that will increase the space’s appeal without spending a fortune.

How do you decide if a kitchen renovation is right for your needs? Here are some questions to ask yourself:

Is your current kitchen functional? A remodel is possible if your current kitchen is not functional, lacks storage or doesn’t meet your family’s needs.

Are your kitchen cabinets in dire need of repairs? A kitchen remodel may be in order if you have old appliances or cabinets that are falling apart. This will likely mean a kitchen remodel.

Are you looking for ways to increase your home’s value? It doesn’t matter if your goal is to sell soon, a kitchen renovation can be a substantial investment. A well-designed kitchen can make your home more appealing to potential buyers and increase its resale value.

What is your budget? A kitchen remodel is expensive. You should set a realistic price range before you get started. When estimating how much your project will cost, consider labor costs, permits, as well as the cost of materials.

If you answered “Yes” to any questions above, a kitchen remodel could be right for. Talk to a contractor to discuss your plans and get started. With careful planning and execution, you can build the kitchen of your dreams.

Statistics

According to Burgin, some hinges have this feature built-in, but it’s an add-on cost for other models of about $5 retail, adding up to $350 to $500 for an entire kitchen, depending on size. (hgtv.com)
Keep 10 to 25 percent of List 2, depending on the budget. (familyhandyman.com)
In the Pacific region (Alaska, California, Washington, and Oregon), according to Remodeling Magazine, that same midrange central kitchen remodel jumps to $72,513, and a major upscale kitchen remodels jumps up $11,823 from the national average to $143,333. (hgtv.com)
It’s a fantastic thing about most home improvement projects: no matter the job. It often seems like the last 20% is the most difficult. (familyhandyman.com)
This is rather grim, but according to Business Insider, 12 percent of couples consider getting a divorce while renovating their home! (familyhandyman.com)

External Links

How To

How to choose a kitchen remodelling contractor?

These tips will help you make an informed decision when selecting a Kitchen Remodel Contractor.

Ask your friends for feedback on their experiences working with contractors. It’s a great way for contractors to receive honest feedback. Ask them about their quality of work, professionalism, cleanliness, punctuality, and punctuality. You might also ask them about any problems they had with the contractor. What was their solution?
Request quotes from several companies. Prepare to give a detailed description and why you are hiring someone else. Tell them you’re looking for someone who specializes in kitchen remodels. You can also include details about the size of the room, the type of materials used, etc. Make sure you tell them what type of finish you would like (e.g. countertops, cabinets backsplash, flooring). Don’t forget to mention anything specific that you would like done during the project. If you are looking for new appliances, this is a good example. Do you want a particular style of cabinetry? Is there a unique feature like a wine refrigerator or built-in microwave oven that you would like included?
Make sure to verify that the company is covered by worker’s compensation and insurance. You can check online to find out if the contractor is a member of any trade associations. It is always a good idea to partner with a reputable company.
To discuss your project, schedule a meeting with the contractor. Ask questions about their qualifications and experience. Ask them how they would approach your project, and what timeline they envisage.
Ask previous clients for references. Hire a contractor and don’t just rely on him. Ask for referrals. Call the people he recommends by going through his references. Tell them you’d like to speak to them about their positive experiences working with this contractor.
Check out reviews left by customers on websites like Yelp and Angie’s List. These websites allow homeowners to leave reviews after projects are completed. So, if you see many positive reviews, you can rest assured that you’ll get a quality job.
For a detailed plan of your kitchen remodel, consider hiring a designer. A kitchen designer who has experience will know the best way to design your kitchen. Designers will also be up-to-date on the latest trends in kitchens.