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Tuesday, March 18, 2014

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Consumer Price Index, Miami-Fort Lauderdale – February 2014

Area prices up 1.2 percent over the two months and 1.6 percent over the year


The Consumer Price Index for All Urban Consumers (CPI-U) for Miami rose 1.2 percent over the two months, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that prices advanced for the all items less food and energy, food, and energy indexes. Within the all items less food and energy group, shelter and apparel were among those indexes that recorded increases. (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 with annual increases registered in several categories, notably shelter, food, and apparel. The index for all items less food and energy rose 2.1 percent over the year. (See chart 1.)

Chart 1. 12-month percent change in CPI for All Urban Consumers (CPI-U), Miami-Fort Lauderdale, February 2011-February 2014

Food

Food prices increased 1.3 percent during the January-February pricing period, reflecting a 2.2-percent advance in food at home prices. The food away from home index was unchanged over the two months.

From February 2013 to February 2014, the food index increased 1.9 percent, reflecting price increases for both food at home (1.9 percent) and food away from home (2.2 percent).

Energy

The energy index rose 1.7 percent during the two month pricing period, reflecting a 4.1-percent increase in both electricity and utility (piped) gas service. Motor fuel prices were unchanged over the two months.

Over the year, the energy index decreased 3.1 percent as a price decline for motor fuel (-8.1 percent) was partially offset by price increases in electricity (4.9 percent) and utility (piped) gas service (6.1 percent).

All items less food and energy

The index for all items less food and energy increased 1.1 percent over the two months, led by a rise in prices for shelter (1.1 percent) and a seasonal price increase for apparel (5.5 percent). Price increases were noted for women’s dresses and new vehicles.

Over the year, the index for all items less food and energy advanced 2.1 percent, reflecting higher prices for shelter (3.2 percent), apparel (6.0 percent), and medical care (3.2 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 - -

June

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

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 April 2014 Consumer Price Index for Miami-Fort Lauderdale is scheduled to be released on Thursday, May 15, 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-
Dec.
2013
Jan.
2014
Feb.
2014
Feb.
2013
Dec.
2013
Jan.
2014

Expenditure category

 
 

All Items

239.417   242.268 1.6 1.2  

All items (November 1977=100)

385.907   390.503      

Food and beverages

245.149   248.234 1.8 1.3  

Food

247.024   250.338 1.9 1.3  

Food at home

243.848 248.224 249.189 1.9 2.2 0.4

Food away from home

254.853   254.769 2.2 0.0  

Alcoholic beverages

221.303   220.536 -1.2 -0.3  

Housing

235.162   237.827 2.8 1.1  

Shelter

263.184 264.229 266.111 3.2 1.1 0.7

Rent of primary residence (1)

250.701 252.403 254.064 3.9 1.3 0.7

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

267.176 267.916 268.718 2.7 0.6 0.3

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

267.176 267.916 268.718 2.7 0.6 0.3

Fuels and utilities

170.253   175.673 4.9 3.2  

Household energy

148.090 154.675 154.229 4.9 4.1 -0.3

Energy services (1)

144.576 151.048 150.484 4.9 4.1 -0.4

Electricity (1)

141.118 147.444 146.884 4.9 4.1 -0.4

Utility (piped) gas service (1)

205.121 213.572 213.563 6.1 4.1 0.0

Household furnishings and operations

160.607   157.785 -4.6 -1.8  

Apparel

146.626   154.676 6.0 5.5  

Transportation

233.839   234.413 -2.9 0.2  

Private transportation

236.744   237.786 -3.0 0.4  

Motor fuel

311.246 310.543 311.166 -8.1 0.0 0.2

Gasoline (all types)

307.567 306.868 307.488 -8.2 0.0 0.2

Unleaded regular (3)

304.783 304.042 304.823 -9.0 0.0 0.3

Unleaded midgrade (3) (4)

291.186 290.709 290.588 -6.7 -0.2 0.0

Unleaded premium (3)

310.242 309.529 310.264 -5.8 0.0 0.2

Medical Care

423.323   430.768 3.2 1.8  

Recreation (5)

113.562   114.321 0.1 0.7  

Education and communication (5)

124.545   126.084 1.6 1.2  

Other goods and services

308.763   314.808 3.6 2.0  
 

Commodity and service group

 
 

All Items

239.417   242.268 1.6 1.2  

Commodities

203.873   206.163 -0.4 1.1  

Commodities less food & beverages

178.440   180.260 -2.1 1.0  

Nondurables less food & beverages

219.356   222.717 -1.6 1.5  

Durables

133.709   133.608 -3.2 -0.1  

Services

267.713   270.999 2.7 1.2  
 

Special aggregate indexes

 
 

All items less medical care

231.106   233.785 1.5 1.2  

All items less shelter

227.231   230.051 0.6 1.2  

Commodities less food

180.396   182.146 -2.1 1.0  

Nondurables

234.040   237.286 0.2 1.4  

Nondurables less food

219.951   223.103 -1.6 1.4  

Services less rent of shelter (2)

281.979   285.883 2.2 1.4  

Services less medical care services

255.222   258.169 2.7 1.2  

Energy

217.310 220.997 220.984 -3.1 1.7 0.0

All items less energy

241.963   244.722 2.1 1.1  

All items less food and energy

240.979   243.635 2.1 1.1  

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: March 18, 2014