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The Consumer Price Index for the Midwest increased 0.9 percent in March, following an increase of 0.2 percent in February. The index was up 3.7 percent from March 2007, the U.S. Department of Labor’s Bureau of Labor Statistics reported today. According to Regional Commissioner Jay A. Mousa, rising costs for transportation, housing, and apparel accounted for more than 90 percent of the overall gain in the monthly index. Energy prices, which include prices for motor and household fuels, were up 5.0 percent in March following a 0.5 percent increase the prior month. Energy prices advanced 16.6 percent since March 2007, led by rising motor fuel costs. The Midwest CPI for all items less food and energy (frequently referred to as the core index) was up 0.5 percent over the month and 2.0 percent over the year. Transportation costs had the greatest impact on the overall monthly index, increasing 2.3 percent in March. Motor fuel prices advanced 6.7 percent following February’s decline of 0.3 percent. Prices for new and used motor vehicles were down 0.4 percent, as new vehicle prices decreased 0.3 percent while prices for used cars and trucks were virtually unchanged. Overall, transportation prices have risen 8.9 percent since March 2007, led by an over-the-year increase of 27.2 percent in motor fuel costs. Prices for new and used motor vehicles were 0.3 percent higher over the year. Housing costs had the second greatest impact on the March index, rising 0.7 percent. Prices for fuels and utilities advanced 2.4 percent, largely reflecting a rise in the utility (piped) gas service index. Utility (piped) gas service costs climbed 5.7 percent, the largest monthly increase since December 2006, while electricity prices increased 0.5 percent over the month. Shelter costs were up 0.4 percent, led by rising prices for lodging away from home. Household furnishings and operations prices increased 0.3 percent over the month. From March 2007 to March 2008, housing costs increased 2.2 percent in the Midwest. Shelter costs rose 1.9 percent and prices for household fuels and utilities were up 5.4 percent. Within fuels and utilities, electricity prices increased 2.5 percent over the 12-month period while prices for utility (piped) gas service advanced 7.0 percent. Prices for household furnishings and operations rose 0.4 percent over the year. Apparel prices rose 4.6 percent over the month following a 1.4 percent increase in February. Apparel prices typically increase in March with the introduction of spring-summer wear. Despite the March increase, apparel prices were 1.1 percent lower than one year ago. The remaining five major expenditure categories – recreation, other goods and services, food and beverages, medical care, and education and communication – contributed little to the increase in the overall monthly index. Recreation prices—which include prices for sporting goods, toys, and admission to movies, concerts, and sporting events— were up 0.6 percent over the month and 2.5 percent over the year. Prices for other goods and services advanced 0.5 percent for the month and were up 3.7 percent since March 2007. The food and beverages index was nearly unchanged in March as lower food at home prices were offset by increasing costs for food away from home and alcoholic beverages. Since March 2007 food and beverages prices were up 4.1 percent. Costs for medical care were unchanged over the month and 3.9 percent higher than one year ago, the lowest annual increase since August 2003. Education and communication costs were also unchanged over the month and were 2.6 percent higher than in March 2007. The Midwest Consumer Price Index for All Urban Consumers (CPI-U) stood at 203.723 in March. A typical market basket of goods and services that cost $100.00 in the 1982-84 base period cost $203.72 in March 2008. Because regional CPI data are not adjusted for seasonal price variation, consumers and businesses should be cautious in drawing conclusions about long-term retail price trends from short-term changes in the regional indexes.
### Scheduled release date for the April 2008 CPI:
The all items CPI-U and CPI-W for the U.S. City Average, the Midwest region, and the Chicago area are available to the public 24 hours a day, 7 days a week through the Bureau's CPI Hotline service. This recorded message also provides percent changes from the prior period and from a year earlier, as well as the scheduled release date for the next CPI issuance. The Hotline number in Chicago is (312) 353-1880, menu option 2.
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 87 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 32 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. Prices are collected in 87 urban areas across the country from about 50,000 housing units and approximately 23,000 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. Prices of food, fuels, and a few other items are obtained every month in all 87 locations. Prices of most other commodities and services are collected every month in the three largest geographic areas and every other month in other areas. Prices of most goods and services are obtained by personal visits of the Bureau's trained representatives. 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. Separate indexes are also published by size of city, by region of the country, for cross-classifications of regions and population-size classes, and for 27 local areas. Area indexes do not measure differences in the level of prices among cities; they only measure the average change in prices for each area since the base period. 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.
Last Modified Date: April 16, 2008 |
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