No. The BLS publishes thousands of CPI indexes each month, including the headline All Items CPI for All Urban Consumers (CPI-U) and the CPI-U for All Items Less Food and Energy. The latter series, widely referred to as the "core" CPI, is closely watched by many economic analysts and policymakers under the belief that food and energy prices are volatile and are subject to price shocks that cannot be damped through monetary policy. However, all consumer goods and services, including food and energy, are represented in the headline CPI.
Most importantly, none of the prominent legislated uses of the CPI excludes food and energy. Social security and federal retirement benefits are updated each year for inflation by the All Items CPI for Urban Wage Earners and Clerical Workers (CPI-W). Individual income tax parameters and Treasury Inflation-Protected Securities (TIPS) returns are based on the All Items CPI-U.
I know we like to think everything the government says is a lie, but in this case, they are fairly upfront about the analysis, and it’s up to you to read and understand the difference between their 0.5% and 0.1% numbers.
Consumer Price Index Summary
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Consumer Price Index - March 2011
The Consumer Price Index for All Urban Consumers (CPI-U) increased
0.5 percent in March on a seasonally adjusted basis, the U.S. Bureau
of Labor Statistics reported today. Over the last 12 months, the all
items index increased 2.7 percent before seasonal adjustment.
Gasoline and food prices continued to rise and together accounted for
almost three quarters of the seasonally adjusted all items increase
in March. The gasoline index posted its ninth consecutive increase
and has now risen 14.4 percent over the last three months. The
household energy index rose as well, with advances in the fuel oil
and electricity indexes more than offsetting a decline in the index
for natural gas. The food at home index continued to accelerate in
March, rising 1.1 percent as all six major grocery store food groups
increased.
The index for all items less food and energy rose 0.1 percent in
March, a smaller increase than in the previous two months. The index
for shelter rose slightly, as did the index for medical care. Several
transportation indexes posted significant increases, including new
vehicles, used cars and trucks, and airline fares. In contrast, the
indexes for apparel and for household furnishings and operations both
declined in March.
The all items index rose 2.7 percent in the last 12 months, the
largest increase since December 2009. The energy index has now risen
15.5 percent over the last 12 months, with the gasoline index up 27.5
percent. The food index has risen 2.9 percent with the food at home
index up 3.6 percent. The index for all items less food and energy
has increased 1.2 percent with the shelter index up 0.9 percent.