News Release Information

14–304–NEW

Thursday, February 20, 2014

Contacts

Technical information:
Media contact:
  • Martin Kohli (646) 264-3620

Consumer Price Index, New York-Northern New Jersey – January 2014

Area prices up 0.9 percent over the month and 1.9 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), jumped 0.9 percent in January, following two months of relatively little change, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli pointed out that the increase, the largest since June 2008, was driven by higher prices for household energy. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)

Over the year, the CPI-U increased 1.9 percent, and the index for all items less food and energy rose 2.0 percent. (See chart 1. and table A. ) The 12-month increase in both indexes was primarily attributable to higher prices for shelter.

Chart 1. Over-the-year percent change in CPI-U, New York-Northern New Jersey-Long Island, January 2011-January 2014

Food

The food index rose 0.3 percent after little change during the two prior months. At-home food prices increased 0.4 percent, with higher prices reported for milk; fresh fish and seafood; potatoes; other fresh vegetables; and spices, seasonings, and condiments. Away-from-home food prices edged up 0.2 percent.

For the year ended in January 2014, the food index inched up 0.1 percent. (See table 1.) A 1.3-percent rise in prices for food away from home was largely offset by a 0.9-percent reduction in prices for food at home, the largest 12-month decline recorded since February 2010.

Energy

After posting a 2.8-percent advance in December, the energy index climbed 7.6 percent, the largest increase reported in 55 months. Household energy prices jumped 14.5 percent, primarily due to an 18.6-percent rise in electricity charges. Higher prices were also reported for natural gas (11.8 percent) and for fuel oil. For both electricity and natural gas, the price increases were the largest reported since 2006. In contrast, gasoline prices dipped 0.4 percent.

Over the year, energy prices rose 4.0 percent. Household energy was up 9.0 percent; a 15.4-percent jump in electricity was tempered by a 1.4-percent decline in natural gas. Gasoline was down 2.0 percent.

All items less food and energy

The index for all items less food and energy rose 0.3 percent, after decreasing by the same amount in December. A 0.5-percent rise in shelter prices was due to higher prices for out-of-town lodging, together with 0.4-percent increases in residential and owners’ equivalent rent. Other expenditure categories registering advances included apparel (1.1 percent) and recreation (1.2 percent, which included higher prices for newspapers and magazines.) Medical care prices also increased (0.3 percent), with price increases related to eyeglasses and eye care, as well as prescription drugs.

Over the year, the index for all items less food and energy increased 2.0 percent. A 3.2-percent increase in shelter prices partly reflected a 3.5-percent rise in residential rent. Medical care prices rose 2.7 percent. Apparel prices, on the other hand, decreased 0.4 percent.

Table A. New York-Northern New Jersey CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2009 2010 2011 2012 2013 2014
Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual

January

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

February

0.5 1.6 0.0 1.8 0.5 2.1 0.4 2.6 0.6 2.4    

March

0.2 0.8 0.5 2.1 0.7 2.3 0.6 2.6 0.1 1.9    

April

0.2 0.8 0.2 2.1 0.4 2.5 0.4 2.4 -0.2 1.4    

May

0.2 -0.1 0.2 2.2 0.6 2.9 0.1 1.8 0.1 1.4    

June

0.5 -0.6 -0.1 1.5 0.2 3.2 -0.1 1.6 0.3 1.8    

July

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

August

0.3 -0.9 0.2 1.4 0.4 3.5 0.6 1.4 0.1 1.7    

September

0.1 -0.6 0.0 1.2 0.2 3.8 0.4 1.6 0.3 1.6    

October

-0.1 0.0 0.2 1.5 -0.2 3.3 -0.1 1.7 -0.6 1.1    

November

0.2 1.8 0.0 1.3 -0.3 3.0 0.0 2.0 0.1 1.2    

December

-0.1 2.3 0.0 1.4 -0.4 2.7 -0.3 2.1 0.0 1.5    

CPI-W

In January, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 255.477, up 0.9 percent over the month. The CPI-W increased 1.8 percent over the year.

The February 2014 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released on Tuesday, March 18, 2014 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 88 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 29 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 4,000 housing units and approximately 25,000 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-
Nov.
2013
Dec.
2013
Jan.
2014
Jan.
2013
Nov.
2013
Dec.
2013
 

Expenditure category

 
 

All items

257.377 257.284 259.596 1.9 0.9 0.9

All items (1967=100)

744.042 743.771 750.456      
 

Food and beverages

246.469 246.411 246.980 0.1 0.2 0.2

Food

246.051 245.995 246.735 0.1 0.3 0.3

Food at home

245.405 245.138 246.015 -0.9 0.2 0.4

Food away from home

253.466 253.684 254.255 1.3 0.3 0.2

Alcoholic beverages

248.516 248.447 246.399 0.2 -0.9 -0.8
 

Housing

271.864 272.862 277.625 3.3 2.1 1.7

Shelter

335.492 336.321 337.998 3.2 0.7 0.5

Rent of primary residence (1)

342.262 343.180 344.509 3.5 0.7 0.4

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

343.427 344.227 345.598 3.2 0.6 0.4

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

343.260 344.054 345.395 3.2 0.6 0.4

Fuels and utilities

195.176 199.374 224.735 8.2 15.1 12.7

Household energy

190.259 194.914 223.220 9.0 17.3 14.5

Energy services (1)

173.756 178.029 207.632 10.1 19.5 16.6

Electricity (1)

180.746 186.307 220.919 15.4 22.2 18.6

Utility (piped) gas service (1)

154.540 156.121 174.615 -1.4 13.0 11.8

Household furnishings and operations

118.992 118.010 118.714 -2.5 -0.2 0.6
 

Apparel

126.696 121.634 122.918 -0.4 -3.0 1.1
 

Transportation

230.151 230.241 228.692 0.4 -0.6 -0.7

Private transportation

215.192 217.198 216.723 0.3 0.7 -0.2

Motor fuel

269.099 277.483 276.253 -2.0 2.7 -0.4

Gasoline (all types)

267.737 276.211 274.974 -2.0 2.7 -0.4

Gasoline, unleaded regular (3)

269.028 278.217 276.589 -2.0 2.8 -0.6

Gasoline, unleaded midgrade (3) (4)

272.525 279.089 279.014 -2.3 2.4 0.0

Gasoline, unleaded premium (3)

268.330 275.063 274.909 -1.7 2.5 -0.1
 

Medical care

426.429 427.350 428.633 2.7 0.5 0.3
 

Recreation (5)

119.388 118.869 120.342 1.6 0.8 1.2
 

Education and communication (5)

141.389 140.825 140.851 0.7 -0.4 0.0
 

Other goods and services

396.020 395.774 398.742 1.4 0.7 0.7
 

Commodity and service group

 
 

All items

257.377 257.284 259.596 1.9 0.9 0.9

Commodities

192.457 192.068 192.987 -0.5 0.3 0.5

Commodities less food and beverages

156.846 156.314 157.357 -0.9 0.3 0.7

Nondurables less food and beverages

199.811 199.394 200.912 -0.4 0.6 0.8

Durables

102.215 101.580 102.060 -2.0 -0.2 0.5

Services

313.039 313.197 316.650 3.1 1.2 1.1
 

Special aggregate indexes

 
 

All items less medical care

249.924 249.794 252.137 1.8 0.9 0.9

All items less shelter

226.877 226.420 229.027 1.2 0.9 1.2

Commodities less food

160.594 160.074 161.033 -0.9 0.3 0.6

Nondurables

225.436 225.185 226.266 -0.1 0.4 0.5

Nondurables less food

203.075 202.676 204.008 -0.4 0.5 0.7

Services less rent of shelter (2)

299.387 298.878 304.519 3.1 1.7 1.9

Services less medical care services

303.738 303.893 307.452 3.2 1.2 1.2

Energy

222.995 229.165 246.581 4.0 10.6 7.6

All items less energy

262.569 261.855 262.742 1.7 0.1 0.3

All items less food and energy

267.262 266.417 267.337 2.0 0.0 0.3

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: March 18, 2013