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Tuesday, July 22, 2014

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Consumer Price Index, Miami-Fort Lauderdale – June 2014

Area prices down 0.3 percent over the two months and up 2.4 percent over the year


The Consumer Price Index for All Urban Consumers (CPI-U) for Miami edged down 0.3 percent over the two months, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted the movement resulted from declines in the indexes for energy and for all items less food and energy. In contrast, food prices rose during the period. (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 Miami CPI-U for all items increased 2.4 percent and the index for all items less food and energy was up 2.1 percent. (See chart 1.)

Chart 1. Over-the-year percent change in CPI for All Urban Consumers (CPI-U), Miami-Fort Lauderdale, June 2011-June 2014

Food

Food prices advanced 0.6 percent during the May-June pricing period, reflecting increases for both food at home (0.7 percent) and food away from home (0.4 percent).

From June 2013 to June 2014, the food index rose 2.9 percent. Prices for food at home rose at a faster pace (3.7 percent) than prices for food away from home (1.8 percent).

Energy

The energy index fell 1.8 percent during the two-month pricing period, dominated by a 3.0-percent decrease in motor fuel prices. Partially countering the decline, prices for electricity were unchanged, while prices for utility (piped) gas service rose 1.0 percent.

Over the year, the energy index advanced 3.9 percent. Price increases were registered for electricity (5.6 percent), motor fuel (2.8 percent), and utility (piped) gas service (7.6 percent).

All items less food and energy

The index for all items less food and energy slipped 0.2 percent over the two months. Price declines for apparel (-6.3 percent), medical care (-0.4 percent), and recreation (-0.5 percent) more than offset a 0.3-percent rise in the shelter index.

Over the year, the index for all items less food and energy advanced 2.1 percent, reflecting higher prices for a number of components, including shelter (3.2 percent) and medical care (4.1 percent). In contrast, apparel prices fell during the previous 12 months, down 1.8 percent.

Table A. Miami metropolitan area CPI-U 2-month and 12-month percent changes, all items index, not seasonally adjusted
Month

2009 2010 2011 2012 2013 2014
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

1.0 0.7 -0.2 0.9 1.1 2.2 1.0 2.9 1.5 1.9 1.2 1.6

April

0.1 -0.3 0.1 0.9 1.8 4.0 0.9 2.0 -0.2 0.9 0.7 2.5

June

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

August

-0.1 -1.8 0.2 0.7 0.7 4.5 0.9 1.4 -0.2 0.6 - -

October

0.5 -0.6 0.4 0.5 -0.3 3.8 0.3 2.0 0.6 0.9 - -

December

0.2 2.1 0.6 0.9 -0.1 3.1 -0.7 1.4 0.2 1.9 - -
____________

The August 2014 Consumer Price Index for Atlanta is scheduled to be released on Wednesday, September 17, 2014 at 8:30 a.m. (ET).


Technical Note

The Consumer Price Index for Miami-Fort Lauderdale is published bi-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 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 26,000 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 the 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.

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 -
Historical
data
Apr.
2014
May
2014
Jun.
2014
Jun.
2013
Apr.
2014
May
2014

All items

Jump to page with historical data
244.073   243.428 2.4 -0.3  

All items (1967 = 100)

Jump to page with historical data
393.412   392.372      

Food and beverages

Jump to page with historical data
250.495   251.737 2.6 0.5  

Food

Jump to page with historical data
252.788   254.310 2.9 0.6  

Food at home

Jump to page with historical data
252.537 250.457 254.338 3.7 0.7 1.5

Food away from home

Jump to page with historical data
255.723   256.787 1.8 0.4  

Alcoholic beverages

Jump to page with historical data
219.619   216.092 -2.6 -1.6  

Housing

Jump to page with historical data
238.640   239.216 3.2 0.2  

Shelter

Jump to page with historical data
266.128 266.215 266.869 3.2 0.3 0.2

Rent of primary residence (1)

Jump to page with historical data
255.434 255.386 256.567 4.3 0.4 0.5

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

Jump to page with historical data
269.382 269.895 270.483 2.7 0.4 0.2

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

Jump to page with historical data
269.382 269.895 270.483 2.7 0.4 0.2

Fuels and utilities

Jump to page with historical data
179.015   179.010 5.8 0.0  

Household energy

Jump to page with historical data
157.299 157.275 157.293 5.5 0.0 0.0

Energy services (1) (3)

Jump to page with historical data
153.674 153.674 153.729 5.6 0.0 0.0

Electricity (1)

Jump to page with historical data
150.033 150.033 150.061 5.6 0.0 0.0

Utility (piped) gas service (1)

Jump to page with historical data
215.159 215.159 217.344 7.6 1.0 1.0

Household furnishings and operations

Jump to page with historical data
161.081   161.367 -0.6 0.2  

Apparel

Jump to page with historical data
149.094   139.668 -1.8 -6.3  

Transportation

Jump to page with historical data
242.355   238.722 0.5 -1.5  

Private transportation

Jump to page with historical data
245.543   241.806 0.3 -1.5  

Motor fuel

Jump to page with historical data
339.691 335.681 329.380 2.8 -3.0 -1.9

Gasoline (all types)

Jump to page with historical data
335.719 331.755 325.521 2.6 -3.0 -1.9

Gasoline, unleaded regular (4)

Jump to page with historical data
334.159 329.923 323.678 2.7 -3.1 -1.9

Gasoline, unleaded midgrade (4) (5)

Jump to page with historical data
314.865 312.969 307.382 2.9 -2.4 -1.8

Gasoline, unleaded premium (4)

Jump to page with historical data
334.861 332.966 327.029 3.1 -2.3 -1.8

Medical care

Jump to page with historical data
432.064   430.505 4.1 -0.4  

Recreation (6)

Jump to page with historical data
115.068   114.509 0.7 -0.5  

Education and communication (6)

Jump to page with historical data
125.871   126.294 2.5 0.3  

Other goods and services

Jump to page with historical data
312.001   314.651 3.3 0.8  
 

COMMODITY AND SERVICE GROUP

 

Commodities

Jump to page with historical data
209.759   207.840 1.5 -0.9  

Commodities less food and beverages

Jump to page with historical data
184.561   180.894 0.6 -2.0  

Nondurables less food and beverages

Jump to page with historical data
229.465   222.460 1.2 -3.1  

Durables

Jump to page with historical data
134.927   135.436 -0.6 0.4  

Services

Jump to page with historical data
271.553   271.806 2.9 0.1  
 

SPECIAL AGGREGATE INDEXES

 

All items less shelter

Jump to page with historical data
232.840   231.434 1.9 -0.6  

All items less medical care

Jump to page with historical data
235.585   234.975 2.3 -0.3  

Commodities less food

Jump to page with historical data
186.308   182.632 0.5 -2.0  

Nondurables

Jump to page with historical data
241.814   238.931 2.0 -1.2  

Nondurables less food

Jump to page with historical data
229.464   222.626 1.0 -3.0  

Services less rent of shelter (2)

Jump to page with historical data
287.744   287.217 2.5 -0.2  

Services less medical care services

Jump to page with historical data
258.872   259.114 2.8 0.1  

Energy

Jump to page with historical data
234.558 232.896 230.318 3.9 -1.8 -1.1

All items less energy

Jump to page with historical data
245.202   244.962 2.2 -0.1  

All items less food and energy

Jump to page with historical data
243.749   243.182 2.1 -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) Indexes on a December 1982=100 base.
(3) Prior to January 2011 this series was titled Gas (piped) and electricity.
(4) Special index based on a substantially smaller sample.
(5) Indexes on a December 1993=100 base.
(6) Indexes on a December 1997=100 base.

Note: Index applies to a month as a whole, not to any specific date.

 

Last Modified Date: July 23, 2014