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Wednesday, August 19, 2015

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Consumer Price Index, New York-Northern New Jersey – July 2015

Area prices down 0.1 percent over the month and 0.1 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 down 0.1 percent, after edging up 0.2 percent in June, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the downturn primarily to a decline in 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 was down 0.1 percent. (See table A.) Since February, the 12-month percent change has remained relatively flat, within a range of -0.1 to 0.1 percent. (See chart 1.) The index for all items less food and energy increased 1.4 percent. (See table 1.)

 Chart 1. Over-the-year percent change in CPI-U, New York-Northern New Jersey-Long Island, July 2012-July2015

Food

The food index decreased 0.2 percent in July, following a 0.1-percent increase in June. Lower prices for fresh fish and seafood and lettuce contributed to a 0.5-percent decline in prices for food at home. In contrast, prices for food away from home rose 0.2 percent.

Over the year, the food index increased 1.0 percent. At-home food prices inched up 0.1 percent, while away-from-home food prices rose 2.1 percent.

Energy

After rising in May and June, the energy index retreated 1.6 percent. Household energy prices dropped 2.4 percent, following a 3.9-percent jump in June. A reduction in electricity charges (-2.3 percent), coupled with lower prices for natural gas (-2.8 percent) and for fuel oil, led to the downturn in household energy. Gasoline prices also declined (-0.5 percent), following four months of increases.

For the year ended July 2015, the energy index fell 17.0 percent; gasoline prices decreased 25.3 percent, and household energy prices declined 9.7 percent. Within household energy, natural gas prices were down 14.6 percent, and electricity prices were down 3.2 percent.

All items less food and energy

The index for all items less food and energy was unchanged in July, after ticking down 0.1 percent in June. Shelter prices advanced 0.4 percent, primarily reflecting higher prices for out-of-town lodging, often up at this time of year, and for residential rent. Medical care prices also increased (0.2 percent). Offsetting these increases were price reductions in airline fares, household furnishings and operations, and apparel.

From July 2014 to July 2015, the index for all items less food and energy increased 1.4 percent. A 2.5-percent advance in shelter prices was due in part to a 2.9-percent rise in residential rent. Apparel prices increased 1.6 percent, and medical care prices rose 1.2 percent.

Table A. New York-Northern New Jersey-Long Island CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2010 2011 2012 2013 2014 2015
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

0.2 2.4 0.3 1.5 0.4 2.8 0.5 2.2 0.9 1.9 0.1 -0.5

February

0.0 1.8 0.5 2.1 0.4 2.6 0.6 2.4 -0.2 1.1 0.3 0.1

March

0.5 2.1 0.7 2.3 0.6 2.6 0.1 1.9 0.4 1.3 0.2 -0.1

April

0.2 2.1 0.4 2.5 0.2 2.4 -0.2 1.4 0.0 1.6 0.1 0.0

May

0.2 2.2 0.6 2.9 0.1 1.8 0.1 1.4 0.5 1.9 0.4 -0.1

June

-0.1 1.5 0.2 3.2 -0.1 1.6 0.3 1.8 0.0 1.7 0.2 0.1

July

0.1 1.5 0.3 3.3 -0.2 1.1 0.2 2.1 0.1 1.6 -0.1 -0.1

August

0.2 1.4 0.4 3.5 0.6 1.4 0.1 1.7 -0.2 1.3    

September

0.0 1.2 0.2 3.8 0.4 1.6 0.3 1.6 0.0 1.0    

October

0.2 1.5 -0.2 3.3 -0.1 1.7 -0.6 1.1 -0.2 1.3    

November

0.0 1.3 -0.3 3.0 0.0 2.0 0.1 1.2 -0.4 0.8    

December

0.0 1.4 -0.4 2.7 -0.3 2.1 0.0 1.5 -0.5 0.3    

CPI-W

In July, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 256.054, down 0.1 percent over the month. The CPI-W decreased 0.5 percent over the year.

The August 2015 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Wednesday, September 16, 2015, 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/homch17_a.htm.

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-
May
2015
June
2015
July
2015
July
2014
May
2015
June
2015
 

Expenditure category

 
 

All items

261.066 261.512 261.199 -0.1 0.1 -0.1

All items (1967=100)

754.705 755.996 755.091      
 

Food and beverages

255.673 255.896 255.558 1.0 0.0 -0.1

Food

255.714 255.920 255.400 1.0 -0.1 -0.2

Food at home

254.472 254.763 253.429 0.1 -0.4 -0.5

Food away from home

264.191 264.286 264.876 2.1 0.3 0.2

Alcoholic beverages

250.617 251.093 253.525 2.3 1.2 1.0
 

Housing

278.276 279.665 279.811 0.9 0.6 0.1

Shelter

347.827 348.425 349.931 2.5 0.6 0.4

Rent of primary residence (1)

357.021 357.922 359.322 2.9 0.6 0.4

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

353.984 355.525 355.990 2.3 0.6 0.1

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

353.649 355.136 355.598 2.3 0.6 0.1

Fuels and utilities

186.864 193.123 189.206 -8.2 1.3 -2.0

Household energy

179.914 186.936 182.362 -9.7 1.4 -2.4

Energy services (1)

169.969 178.813 174.437 -6.4 2.6 -2.4

Electricity (1)

182.184 195.445 190.894 -3.2 4.8 -2.3

Utility (piped) gas service (1)

140.192 139.717 135.821 -14.6 -3.1 -2.8

Household furnishings and operations

114.638 115.347 113.431 -3.5 -1.1 -1.7
 

Apparel

130.006 126.205 125.403 1.6 -3.5 -0.6
 

Transportation

220.004 221.481 219.546 -6.2 -0.2 -0.9

Private transportation

204.068 205.629 205.477 -7.2 0.7 -0.1

Motor fuel

215.140 221.242 220.073 -25.3 2.3 -0.5

Gasoline (all types)

214.172 220.269 219.119 -25.3 2.3 -0.5

Gasoline, unleaded regular (3)

214.261 220.453 218.778 -26.1 2.1 -0.8

Gasoline, unleaded midgrade (3) (4)

218.663 224.650 226.041 -23.5 3.4 0.6

Gasoline, unleaded premium (3)

218.509 224.191 225.834 -22.2 3.4 0.7
 

Medical care

450.812 444.312 445.132 1.2 -1.3 0.2
 

Recreation (5)

118.792 119.294 119.097 0.1 0.3 -0.2
 

Education and communication (5)

140.373 140.695 140.798 -0.3 0.3 0.1
 

Other goods and services

403.847 404.141 404.439 1.1 0.1 0.1
 

Commodity and service group

 
 

All items

261.066 261.512 261.199 -0.1 0.1 -0.1

Commodities

190.381 190.200 189.533 -3.2 -0.4 -0.4

Commodities less food and beverages

149.448 149.081 148.289 -6.5 -0.8 -0.5

Nondurables less food and beverages

187.881 187.080 186.067 -8.8 -1.0 -0.5

Durables

99.991 100.100 99.588 -1.5 -0.4 -0.5

Services

321.366 322.317 322.279 1.4 0.3 0.0
 

Special aggregate indexes

 
 

All items less medical care

252.808 253.519 253.164 -0.2 0.1 -0.1

All items less shelter

226.959 227.346 226.257 -1.7 -0.3 -0.5

Commodities less food

153.423 153.078 152.375 -6.1 -0.7 -0.5

Nondurables

223.562 223.245 222.544 -3.6 -0.5 -0.3

Nondurables less food

191.860 191.125 190.294 -8.1 -0.8 -0.4

Services less rent of shelter (2)

303.333 304.731 302.901 0.0 -0.1 -0.6

Services less medical care services

311.153 312.586 312.560 1.4 0.5 0.0

Energy

195.871 202.639 199.302 -17.0 1.8 -1.6

All items less energy

269.205 269.051 269.025 1.3 -0.1 0.0

All items less food and energy

273.386 273.167 273.229 1.4 -0.1 0.0

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: Wednesday, August 19, 2015