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Wednesday, March 16, 2016

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Consumer Price Index, Miami-Fort Lauderdale – February 2016

Area prices up 0.2 percent over the two months and 1.6 percent over the year

The Consumer Price Index for All Urban Consumers (CPI-U) for Miami edged up 0.2 percent over the January-February pricing period, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that the all items less food and energy index increased 0.9 percent and the food index rose 0.7 percent over the two months. During this same period, the energy index decreased 7.7 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 CPI-U rose 1.6 percent. The index for all items less food and energy advanced 3.0 percent, led by price increases for shelter and medical care. (See chart 1 and table 1.)

 Chart 1. 12-month percent change in CPI for All Urban Consumers (CPI-U), Miami-Fort Lauderdale, February 2013–February 2016

Food

Food prices rose 0.7 percent during the January-February pricing period, as prices increased for both food at home and food away from home, up 1.1 and 0.3 percent, respectively.

From February 2015 to February 2016, the food index advanced 1.6 percent, as prices increased for food away from home (2.8 percent) and food at home (0.9 percent).

Energy

The energy index declined 7.7 percent during the two month pricing period, primarily due to a 12.6-percent drop in the motor fuel index. Price decreases were also recorded for electricity and utility (piped) gas service, down 3.0 and 0.6 percent, respectively.

Over the year, the energy index fell 12.2 percent, as price decreases were recorded for motor fuel (-19.2 percent), electricity (-5.2 percent), and utility (piped) gas service (-1.4 percent).

All items less food and energy

The index for all items less food and energy rose 0.9 percent over the January-February pricing period as price increases were recorded for shelter (0.7 percent), apparel (5.9 percent), and recreation (1.6 percent).

Since February 2015, the index for all items less food and energy advanced 3.0 percent. Over the year price increases were noted for several categories, most notably shelter and medical care, up 4.3 and 4.7 percent, respectively.

Table A. Miami metropolitan area CPI-U 2-month and 12-month percent changes, all items index, not seasonally adjusted
Month 2011 2012 2013 2014 2015 2016
2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month

February

1.1 2.2 1.0 2.9 1.5 1.9 1.2 1.6 0.3 0.4 0.2 1.6

April

1.8 4.0 0.9 2.0 -0.2 0.9 0.7 2.5 0.8 0.5 - -

June

-0.1 4.0 -0.9 1.2 -0.1 1.6 -0.3 2.4 0.4 1.2 - -

August

0.7 4.5 0.9 1.4 -0.2 0.6 -0.1 2.4 0.0 1.3 - -

October

-0.3 3.8 0.3 2.0 0.6 0.9 0.4 2.2 0.2 1.1 - -

December

-0.1 3.1 -0.7 1.4 0.2 1.9 -0.6 1.4 -0.1 1.6 - -

The Consumer Price Index for March 2016 is scheduled to be released on Thursday, April 14, 2016.


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 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 Miami-Fort Lauderdale, Fl. consolidated area covered in this release is comprised of Broward and Miami-Dade Counties in Florida.

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
Miami-Fort Lauderdale, FL (1982-84=100 unless otherwise noted)
Item and Group

 
Indexes
 
Percent change from-
Dec.
2015
Jan.
2016
Feb.
2016
Feb.
2015
Dec.
2015
Jan.
2016

Expenditure category

 
 

All Items

246.597 - 247.126 1.6 0.2 -

All items (November 1977=100)

397.480 - 398.332 - - -

Food and beverages

258.172 - 260.086 1.6 0.7 -

Food

260.520 - 262.459 1.6 0.7 -

Food at home

255.929 254.468 258.652 0.9 1.1 1.6

Food away from home

270.877 - 271.634 2.8 0.3 -

Alcoholic beverages

226.627 - 228.204 1.9 0.7 -

Housing

252.215 - 253.240 3.1 0.4 -

Shelter

285.986 286.567 287.973 4.3 0.7 0.5

Rent of primary residence (1)

277.078 277.602 278.524 4.1 0.5 0.3

Owners' equiv. rent of residences (1) (2)

286.810 287.554 288.367 3.9 0.5 0.3

Owners' equiv. rent of primary residence (1) (2)

286.810 287.554 288.367 3.9 0.5 0.3

Fuels and utilities

171.499 - 167.489 -3.9 -2.3 -

Household energy

148.886 144.568 144.427 -5.3 -3.0 -0.1

Energy services (1)

145.976 141.702 141.702 -5.1 -2.9 0.0

Electricity (1)

142.547 138.260 138.260 -5.2 -3.0 0.0

Utility (piped) gas service (1)

201.965 200.714 200.710 -1.4 -0.6 0.0

Household furnishings and operations

160.277 - 161.801 -1.2 1.0 -

Apparel

130.619 - 138.362 -4.9 5.9 -

Transportation

207.681 - 203.650 -2.5 -1.9 -

Private transportation

210.690 - 206.172 -2.2 -2.1 -

Motor fuel

193.468 183.249 169.043 -19.2 -12.6 -7.8

Gasoline (all types)

191.181 181.074 167.034 -19.2 -12.6 -7.8

Unleaded regular (3)

187.515 177.216 163.009 -20.1 -13.1 -8.0

Unleaded midgrade (3) (4)

194.817 185.765 174.392 -14.0 -10.5 -6.1

Unleaded premium (3)

212.454 204.803 192.844 -12.0 -9.2 -5.8

Medical Care

462.139 - 460.469 4.7 -0.4 -

Recreation (5)

113.940 - 115.769 0.3 1.6 -

Education and communication (5)

128.909 - 128.916 1.2 0.0 -

Other goods and services

341.245 - 339.462 0.3 -0.5 -
 

Commodity and service group

 
 

All Items

246.597 - 247.126 1.6 0.2 -

Commodities

194.753 - 194.455 -1.8 -0.2 -

Commodities less food & beverages

157.041 - 155.577 -4.7 -0.9 -

Nondurables less food & beverages

183.331 - 178.427 -7.8 -2.7 -

Durables

130.346 - 133.632 1.5 2.5 -

Services

286.571 - 287.679 3.3 0.4 -
 

Special aggregate indexes

 
 

All items less medical care

237.237 - 237.839 1.4 0.3 -

All items less shelter

225.880 - 225.628 -0.3 -0.1 -

Commodities less food

159.712 - 158.349 -4.5 -0.9 -

Nondurables

222.565 - 220.924 -2.5 -0.7 -

Nondurables less food

186.012 - 181.479 -7.2 -2.4 -

Services less rent of shelter (2)

295.362 - 295.175 1.7 -0.1 -

Services less medical care services

272.981 - 274.246 3.1 0.5 -

Energy

169.398 162.506 156.323 -12.2 -7.7 -3.8

All items less energy

255.349 - 257.541 2.7 0.9 -

All items less food and energy

254.342 - 256.577 3.0 0.9 -

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 November 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.
 

- Data not available.
NOTE: Index applies to a month as a whole, not to any specific date. Data not seasonally adjusted.
 

 

Last Modified Date: Wednesday, March 16, 2016