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News Release Information

24-522-PHI
Tuesday, March 12, 2024

Contacts Technical information: Media contact:

Consumer Price Index, Northeast Region – February 2024

Area prices were up 0.5 percent over the past month, up 2.4 percent from a year ago.

Prices in the Northeast Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), were up 0.5 percent in February, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Alexandra Hall Bovee noted that the rise was mainly due to a matching price percentage increase in the all items less food and energy index. The energy index also rose, up 0.6 percent over the month. The index for food declined 0.1 percent. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Over the last 12 months, the Northeast all items CPI-U index increased 2.4 percent, the smallest increase since June 2023. (See chart 1.) The February advance was primarily due to a 3.2-percent rise in the all items less food and energy index, which was led by increases within the shelter index. The food index rose 1.9 percent, mainly due to increased prices for food away from home. The energy index decreased 5.2 percent over the year. (See table 1.) 

Food

In February, the food index decreased 0.1 percent over the month (moderating after rising 0.8 percent in January) as the food at home index declined 0.3 percent. (See table 1.)  The indexes that contributed to the decrease were meats, poultry, fish, and eggs (down 0.9 percent), fruits and vegetables (down 0.6 percent), and dairy and related products (down 1.0 percent). Cereals and bakery products (up 0.1 percent mainly due to price increases for cakes, cupcakes, and cookies), other food at home (up 0.4 percent), and nonalcoholic beverages and beverage materials (up 0.1 percent) increased and tempered the overall index decline. The food away from home index rose 0.1 percent.

From February 2023 to February 2024, the food index increased 1.9 percent, the smallest increase since June 2021, as the food away from home index advanced 4.9 percent (the smallest rise since August 2021). Prices for food at home were up 0.5 percent, led by a 2.4-percent increase in the cereals and bakery products index. Nonalcoholic beverages and beverage materials (up 2.6 percent) and other food at home (up 1.2 percent) also rose. The meats, poultry, fish, and eggs index and the dairy and related products index counteracted the overall index increase as they both declined 1.5 percent over the year.

Energy

The energy index increased 0.6 percent over the month (the same as in January), driven primarily by a 1.6-percent rise in the gasoline index (the first time the index has risen since September 2023). Fuel oil prices also rose, and the utility (piped) gas service index was up 0.5 percent. Prices for electricity decreased 0.8 percent in February and offset some of the energy index rise.

Over the year, energy prices were down 5.2 percent as all energy components declined. The February decrease was driven by lower prices for utility (piped) gas service (down 12.8 percent, moderating from the 23.1-percent decline in September 2023). The gasoline index was down 4.4 percent, electricity declined 2.0 percent, and fuel oil also decreased.

All items less food and energy

The index for all items less food and energy was up 0.5 percent in February due to widespread increases throughout the index categories. Prices for shelter were up 0.3 percent, led by a 0.5-percent increase in the owners’ equivalent rent of residences index and followed by an equivalent increase in the rent of primary residence index. The lodging away from home index declined. The apparel index was up 2.9 percent—it has increased every year in February since 1993. Prices for recreation increased 0.9 percent, the largest rise since June 2021. The household furnishings and operations index increased 0.8 percent and also contributed to the overall rise in the all items less food and energy index.

Over the year, the index for all items less food and energy was up 3.2 percent, the smallest rise since September 2021, primarily due to a 5.8-percent increase in the shelter index. Within shelter, the owners’ equivalent rent of residences index was up 6.0 percent as rent of primary residence increased 5.6 percent. The other goods and service index (up 4.8 percent) and the recreation index (up 1.9 percent) also contributed to the overall index rise. A 2.2-percent decline in the medical care index tempered the increases, led by a 3.4-percent decrease in prices for medical care services.

Geographic divisions

Additional price indexes are available for the two divisions of the Northeast. Over the month, the all items CPI-U index for the Middle Atlantic division was up 0.5 percent. The CPI-U for the New England division rose 0.4 percent.

Over the year, the all items index rose 2.6 percent in the Middle Atlantic division and 2.1 percent in the New England division. (See table B.)

Table A. Northeast region CPI-U 1-month and 12-month percent changes, all items index, not seasonally adjusted
Month 2020 2021 2022 2023 2024
1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month

January

0.7 2.3 0.4 1.1 0.8 6.3 0.7 6.0 0.6 2.5

February

0.3 2.4 0.4 1.2 0.7 6.6 0.5 5.9 0.5 2.4

March

-0.2 1.7 0.6 2.1 1.3 7.3 -0.2 4.3

April

-0.4 0.8 0.7 3.3 0.6 7.2 0.2 3.8

May

0.0 0.6 0.6 3.9 0.9 7.5 0.1 3.1

June

0.3 0.8 1.0 4.6 1.2 7.6 0.3 2.2

July

0.4 1.1 0.2 4.3 -0.2 7.3 0.2 2.6

August

0.1 1.1 0.1 4.4 0.3 7.4 0.5 2.8

September

0.1 1.2 0.3 4.6 0.1 7.2 0.3 3.0

October

-0.2 1.1 0.6 5.4 0.3 6.9 0.0 2.7

November

0.1 1.1 0.6 6.0 0.1 6.4 0.0 2.5

December

0.2 1.4 0.2 5.9 -0.1 6.1 0.0 2.6
Table B. CPI-U 1-month and 12-month percent changes, all items index, Northeast region and divisions, not seasonally adjusted
Area 1-month change 12-month change

Northeast

0.5 2.4

New England Division

0.4 2.1

Middle Atlantic Division

0.5 2.6

The March 2024 Consumer Price Index for the Northeast Region is scheduled to be released on April 10, 2024.


Technical Note

The Consumer Price Index for the Northeast Region is published monthly. The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services. The Bureau of Labor Statistics publishes CPIs for two population groups: (1) a CPI for All Urban Consumers (CPI-U) which covers approximately 93 percent of the total U.S. population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 29 percent of the total U.S. population. The CPI-U includes, in addition to wage earners and clerical workers, groups such as professional, managerial, and technical workers, the self-employed, short-term workers, the unemployed, and retirees and others not in the labor force.

The CPI is based on prices of food, clothing, shelter, fuels, transportation fares, charges for doctors' and dentists' services, drugs, and the other goods and services that people buy for day-to-day living. Each month, prices are collected in 75 urban areas across the country from about 6,000 housing units and approximately 22,000 retail establishments—department stores, supermarkets, hospitals, filling stations, and other types of stores and service establishments. All taxes directly associated with the purchase and use of items are included in the index.

The index measures price changes from a designated reference date; for most of the CPI-U the reference base is 1982-84 equals 100. An increase of 7 percent from the reference base, for example, is shown as 107.000.  Alternatively, that relationship can also be expressed as the price of a base period market basket of goods and services rising from $100 to $107. For further details see the CPI home page on the internet at www.bls.gov/cpi and the CPI section of the BLS Handbook of Methods available on the internet at www.bls.gov/opub/hom/cpi/.

In calculating the index, price changes for the various items in each location are averaged together with weights that represent their importance in the spending of the appropriate population group. Local data are then combined to obtain a U.S. city average. Because the sample size of a local area is smaller, the local area index is subject to substantially more sampling and other measurement error than the national index. In addition, local indexes are not adjusted for seasonal influences. As a result, local area indexes show greater volatility than the national index, although their long-term trends are quite similar. NOTE: Area indexes do not measure differences in the level of prices between cities; they only measure the average change in prices for each area since the base period.

The Northeast region is comprised of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.

The New England division is comprised of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

The Middle Atlantic division is comprised of New Jersey, New York, and Pennsylvania.

Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods, Northeast Region, (1982-84=100 unless otherwise noted) (not seasonally adjusted)
Expenditure category Indexes Percent change from
Historical
data
Dec.
2023
Jan.
2024
Feb.
2024
Feb.
2023
Dec.
2023
Jan.
2024

All items

316.143 318.133 319.577 2.4 1.1 0.5

All items (December 1977 = 100)

497.828 500.963 503.237      

Food and beverages

325.301 327.728 327.137 1.9 0.6 -0.2

Food

327.483 330.070 329.662 1.9 0.7 -0.1

Food at home

306.005 309.247 308.361 0.5 0.8 -0.3

Cereals and bakery products

382.875 387.418 387.709 2.4 1.3 0.1

Meats, poultry, fish, and eggs

307.787 311.662 308.753 -1.5 0.3 -0.9

Dairy and related products

279.241 280.637 277.943 -1.5 -0.5 -1.0

Fruits and vegetables

357.766 363.066 360.819 -0.1 0.9 -0.6

Nonalcoholic beverages and beverage materials

217.392 220.846 221.102 2.6 1.7 0.1

Other food at home

276.835 278.172 279.156 1.2 0.8 0.4

Food away from home

365.615 366.928 367.438 4.9 0.5 0.1

Alcoholic beverages

295.183 295.446 292.405 1.8 -0.9 -1.0

Housing

342.437 345.324 346.555 3.9 1.2 0.4

Shelter

422.128 424.528 425.974 5.8 0.9 0.3

Rent of primary residence

425.176 426.573 428.770 5.6 0.8 0.5

Owners' equivalent rent of residences(1)

437.360 439.046 441.139 6.0 0.9 0.5

Owners' equivalent rent of primary residence(1)

436.925 438.611 440.700 6.0 0.9 0.5

Fuels and utilities

290.304 299.492 299.600 -4.0 3.2 0.0

Household energy

258.519 268.337 268.062 -5.2 3.7 -0.1

Energy services

252.083 262.967 261.801 -5.6 3.9 -0.4

Electricity

260.114 274.352 272.024 -2.0 4.6 -0.8

Utility (piped) gas service

218.772 222.316 223.513 -12.8 2.2 0.5

Household furnishings and operations

142.213 143.500 144.672 -0.7 1.7 0.8

Apparel

127.171 130.013 133.770 -1.9 5.2 2.9

Transportation

257.472 256.583 258.911 2.4 0.6 0.9

Private transportation

256.584 255.959 257.930 2.8 0.5 0.8

New and used motor vehicles(2)

124.402 123.947 124.644 0.0 0.2 0.6

New vehicles

174.597 174.821 174.890 1.2 0.2 0.0

New cars(3)

164.646 165.225 164.792 0.3 0.1 -0.3

Used cars and trucks

198.313 190.773 191.771 -0.7 -3.3 0.5

Motor fuel

285.602 275.692 280.019 -4.6 -2.0 1.6

Gasoline (all types)

284.588 274.708 279.095 -4.4 -1.9 1.6

Gasoline, unleaded regular(3)

278.749 268.749 273.415 -4.7 -1.9 1.7

Gasoline, unleaded midgrade(3)(4)

316.069 305.778 308.449 -3.3 -2.4 0.9

Gasoline, unleaded premium(3)

313.370 304.373 307.156 -2.6 -2.0 0.9

Medical care

551.897 561.852 562.889 -2.2 2.0 0.2

Medical care commodities

404.924 412.457 412.870 4.2 2.0 0.1

Medical care services

594.896 605.554 606.782 -3.4 2.0 0.2

Professional services

424.875 428.919 428.869 -0.8 0.9 0.0

Recreation(2)

141.161 140.023 141.310 1.9 0.1 0.9

Education and communication(2)

154.568 155.018 155.401 0.3 0.5 0.2

Tuition, other school fees, and child care(5)

1,410.104 1,409.045 1,410.151 2.2 0.0 0.1

Other goods and services

599.255 602.977 608.833 4.8 1.6 1.0

Commodity and service group

Commodities

225.941 226.532 227.473 0.1 0.7 0.4

Commodities less food and beverages

174.684 174.501 176.018 -1.2 0.8 0.9

Nondurables less food and beverages

223.166 223.281 226.697 -0.6 1.6 1.5

Durables

120.492 120.145 120.252 -2.0 -0.2 0.1

Services

402.731 406.062 407.988 3.7 1.3 0.5

Special aggregate indexes

All items less shelter

279.140 280.996 282.454 0.6 1.2 0.5

All items less medical care

305.814 307.449 308.913 2.8 1.0 0.5

Commodities less food

179.038 178.867 180.268 -1.1 0.7 0.8

Nondurables

273.576 274.825 276.282 0.9 1.0 0.5

Nondurables less food

227.405 227.529 230.540 -0.4 1.4 1.3

Services less rent of shelter(1)

394.345 398.991 401.467 1.3 1.8 0.6

Services less medical care services

389.504 392.334 394.307 4.5 1.2 0.5

Energy

270.482 272.000 273.665 -5.2 1.2 0.6

All items less energy

324.256 326.312 327.759 3.0 1.1 0.4

All items less food and energy

325.747 327.723 329.505 3.2 1.2 0.5

Footnotes
(1) Indexes on a December 1982=100 base.
(2) Indexes on a December 1997=100 base.
(3) Special index based on a substantially smaller sample.
(4) Indexes on a December 1993=100 base.
(5) Indexes on a December 1977=100 base.

 

Last Modified Date: Tuesday, March 12, 2024