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Thursday, November 17, 2016

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Consumer Price Index, New York-Northern New Jersey – October 2016

Area prices up 0.1 percent over the month and 1.2 percent over the year

Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), ticked up 0.1 percent in October after edging up 0.2 in each of the two prior months, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the movement to higher prices for shelter and other non-food items that were largely offset by lower energy prices. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Over the year, the CPI-U advanced 1.2 percent. (See table A.) The index for all items less food and energy increased 1.6 percent. (See chart 1.) Higher prices for shelter drove the 12-month change in both indexes. (See table 1.)

Food

The food index inched down 0.1 percent in October, after edging up 0.2 percent in September. Prices for food at home declined 0.5 percent, reflecting, in part, lower prices for frozen and freeze-dried prepared foods, uncooked beef roasts, and some pork products. Prices for food away from home rose 0.3 percent.

Over the year, the food index dipped 0.2 percent, the first 12-month decline since February 2010. A 3.0-percent decline in prices for food at home outweighed a 3.6-percent rise in prices for food away from home.

Energy

The energy index dropped 1.4 percent over the month, reflecting a 4.6-percent decline in prices for household energy services. Following seasonal patterns, electricity prices fell 5.9 percent. Natural gas prices also decreased, 1.5 percent. In contrast, area prices for gasoline rose 1.9 percent.

For the year ended in October 2016, energy prices ticked down 0.1 percent. Prices for household energy services decreased 0.2 percent. A 0.8-percent decline in electricity prices was largely offset by a 0.7-percent rise in natural gas prices. Gasoline prices rose 0.6 percent.

All items less food and energy

The index for all items less food and energy edged up 0.2 percent in October. Shelter prices advanced 0.5 percent due to increases in residential rent (0.4 percent), owners’ equivalent rent (0.3 percent), and out-of-town lodging. Prices increased 0.2 percent for recreation. These increases were largely offset by lower prices for apparel (-1.9 percent), education and communication (-0.2 percent), and used cars and trucks. Prices for medical care and other goods and services were little changed.

From October 2015 to October 2016, the index for all items less food and energy increased 1.6 percent. Shelter prices rose 2.7 percent; residential rent and owners’ equivalent rent were each up 2.8 percent. Prices for medical care rose 4.0 percent, and prices for other goods and services increased 2.4 percent. In contrast, apparel prices declined 1.4 percent.

Table A. New York-Northern New Jersey-Long Island CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2011 2012 2013 2014 2015 2016
1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month

January

0.3 1.5 0.4 2.8 0.5 2.2 0.9 1.9 0.1 -0.5 0.2 0.8

February

0.5 2.1 0.4 2.6 0.6 2.4 -0.2 1.1 0.3 0.1 0.2 0.6

March

0.7 2.3 0.6 2.6 0.1 1.9 0.4 1.3 0.2 -0.1 0.2 0.7

April

0.4 2.5 0.2 2.4 -0.2 1.4 0.0 1.6 0.1 0.0 0.4 1.0

May

0.6 2.9 0.1 1.8 0.1 1.4 0.5 1.9 0.4 -0.1 0.3 0.9

June

0.2 3.2 -0.1 1.6 0.3 1.8 0.0 1.7 0.2 0.1 0.2(R) 0.9(R)

July

0.3 3.3 -0.2 1.1 0.2 2.1 0.1 1.6 -0.1 -0.1 -0.1 1.0

August

0.4 3.5 0.6 1.4 0.1 1.7 -0.2 1.3 0.1 0.1 0.2 1.1

September

0.2 3.8 0.4 1.6 0.3 1.6 0.0 1.0 0.2 0.3 0.2 1.0

October

-0.2 3.3 -0.1 1.7 -0.6 1.1 -0.2 1.3 -0.1 0.4 0.1 1.2

November

-0.3 3.0 0.0 2.0 0.1 1.2 -0.4 0.8 -0.2 0.6    

December

-0.4 2.7 -0.3 2.1 0.0 1.5 -0.5 0.3 -0.4 0.7    

Footnotes:
(R) = revised.
 

CPI-W

In October, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 258.995, unchanged over the month. The CPI-W rose 1.2 percent over the year.

The November 2016 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Thursday, December 15, 2016, at 8:30 a.m. (ET).


Technical Note

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 89 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 28 percent of the total 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, and 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 87 urban areas across the country from about 6,000 housing units and approximately 24,000 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 (1982-84) that equals 100.0. An increase of 16.5 percent, for example, is shown as 116.5. This change can also be expressed in dollars as follows: the price of a base period "market basket" of goods and services in the CPI has risen from $10 in 1982-84 to $11.65. For further details see the CPI home page on the Internet at www.bls.gov/cpi and the BLS Handbook of Methods, Chapter 17, The Consumer Price Index, available on the Internet at www.bls.gov/opub/hom/pdf/homch17.pdf.

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 New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. consolidated area covered in this release is comprised of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.

Information in this release will be made available to sensory impaired individuals upon request. Voice phone: (202) 691-5200; Federal Relay Service: (800) 877-8339.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods, New York-Northern N.J.-Long Island, NY-NJ-CT-PA (1982-84=100 unless otherwise noted)(not seasonally adjusted)
Item and Group Indexes Percent change from-
Aug.
2016
Sept.
2016
Oct.
2016
Oct.
2015
Aug.
2016
Sept.
2016
 

Expenditure category

 
 

All items

264.160 264.602 264.738 1.2 0.2 0.1

All items (1967=100)

763.651 764.929 765.320      
 

Food and beverages

256.834 257.292 257.031 -0.2 0.1 -0.1

Food

256.690 257.145 256.847 -0.2 0.1 -0.1

Food at home

249.074 249.354 248.197 -3.0 -0.4 -0.5

Food away from home

274.357 275.078 276.025 3.6 0.6 0.3

Alcoholic beverages

254.393 254.879 255.126 0.7 0.3 0.1
 

Housing

286.282 286.331 286.510 2.0 0.1 0.1

Shelter

361.869 361.800 363.532 2.7 0.5 0.5

Rent of primary residence (1)

372.487 373.441 374.891 2.8 0.6 0.4

Owners' equivalent rent of residences (1) (2)

367.357 368.899 370.047 2.8 0.7 0.3

Owners' equivalent rent of primary residence (1) (2)

366.890 368.429 369.572 2.8 0.7 0.3

Fuels and utilities

181.737 182.065 176.855 -0.3 -2.7 -2.9

Household energy

173.333 173.701 167.869 -0.6 -3.2 -3.4

Energy services (1)

170.208 170.079 162.281 -0.2 -4.7 -4.6

Electricity (1)

184.396 184.464 173.568 -0.8 -5.9 -5.9

Utility (piped) gas service (1)

136.090 135.627 133.654 0.7 -1.8 -1.5

Household furnishings and operations

110.920 111.190 109.824 -3.4 -1.0 -1.2
 

Apparel

129.847 133.232 130.743 -1.4 0.7 -1.9
 

Transportation

207.419 206.707 208.662 -0.4 0.6 0.9

Private transportation

193.230 192.939 194.247 -0.2 0.5 0.7

Motor fuel

171.749 173.813 177.044 0.6 3.1 1.9

Gasoline (all types)

171.030 173.077 176.296 0.6 3.1 1.9

Gasoline, unleaded regular (3)

168.733 170.836 174.233 1.0 3.3 2.0

Gasoline, unleaded midgrade (3) (4)

185.349 187.165 189.260 -1.0 2.1 1.1

Gasoline, unleaded premium (3)

188.480 190.183 192.314 -1.2 2.0 1.1
 

Medical care

469.394 471.327 470.983 4.0 0.3 -0.1
 

Recreation (5)

119.552 119.874 120.142 0.9 0.5 0.2
 

Education and communication (5)

143.028 143.625 143.287 0.3 0.2 -0.2
 

Other goods and services

414.670 415.612 416.035 2.4 0.3 0.1
 

Commodity and service group

 
 

All items

264.160 264.602 264.738 1.2 0.2 0.1

Commodities

185.060 186.182 185.603 -1.0 0.3 -0.3

Commodities less food and beverages

141.264 142.629 141.936 -1.7 0.5 -0.5

Nondurables less food and beverages

175.978 178.997 178.577 -0.5 1.5 -0.2

Durables

96.315 95.947 95.037 -3.7 -1.3 -0.9

Services

331.091 331.028 331.709 2.2 0.2 0.2
 

Special aggregate indexes

 
 

All items less medical care

255.244 255.624 255.779 1.0 0.2 0.1

All items less shelter

225.474 226.127 225.612 0.2 0.1 -0.2

Commodities less food

145.531 146.876 146.208 -1.6 0.5 -0.5

Nondurables

217.824 219.663 219.313 -0.3 0.7 -0.2

Nondurables less food

180.747 183.620 183.239 -0.4 1.4 -0.2

Services less rent of shelter (2)

308.392 308.334 307.882 1.5 -0.2 -0.1

Services less medical care services

320.002 319.956 320.681 2.0 0.2 0.2

Energy

175.157 176.174 173.699 -0.1 -0.8 -1.4

All items less energy

274.604 274.996 275.377 1.3 0.3 0.1

All items less food and energy

279.577 279.961 280.459 1.6 0.3 0.2

Footnotes
(1) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator.
(2) Index is on a December 1982=100 base.
(3) Special index based on a substantially smaller sample.
(4) Indexes on a December 1993=100 base.
(5) Indexes on a December 1997=100 base.
 

Note: Index applies to a month as a whole, not to any specific date.
The New York-Northern New Jersey-Long Island, NY-NJ-CT-PA consolidated area comprises the five boroughs of New York City, Nassau, Suffolk, Westchester, Rockland, Putnam, Dutchess, and Orange Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Monmouth, Middlesex, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, New Haven, and Middlesex Counties in Connecticut; and Pike County in Pennsylvania.
 

 

Last Modified Date: Thursday, November 17, 2016