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24-1713-PHI
Wednesday, August 14, 2024
Prices in the Northeast Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), were unchanged in July, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Alexandra Hall Bovee noted that the lack of change was due to a combination of rises in the energy and food indexes (1.1 percent and 0.2 percent, respectively) that were countered by a 0.1-percent decline in the all items less food and energy index. (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 Northeast all items CPI-U index increased 3.6 percent, primarily because of a 3.9-percent rise in the all items less food and energy index. (See chart 1.) Food prices rose 2.2 percent. Energy prices advanced 3.7 percent, largely the result of an increase in the price of electricity. (See table 1.)
FoodIn July, the food index was up 0.2 percent over the month, mainly driven by a 0.4-percent increase in prices for food at home. (See table 1.) Within the grocery categories, the fruits and vegetables index rose 1.5 percent, the largest index increase since January 2024. The 1.8-percent rise in the nonalcoholic beverages and beverage materials index was led by price increases for carbonated drinks and coffee. Prices for dairy and related products were up 1.4 percent. The overall index rise was tempered by declines across the remaining categories, including other food at home (down 0.7 percent). The food away from home index was unchanged over the month.
From July 2023 to July 2024, the food index increased 2.2 percent as the food away from home index advanced 4.6 percent. Prices for food at home were up 0.9 percent, led by the meats, poultry, fish, and eggs index (up 3.1 percent) and the nonalcoholic beverages and beverage materials index (up 4.6 percent).
EnergyThe energy index increased 1.1 percent over the month, predominantly due to a 2.1-percent increase in prices for electricity. The gasoline index was up 0.4 percent in July after declining 2.6 percent last month. The fuel oil index also rose, and the utility (piped) gas index increased 0.5 percent.
Over the year, energy prices were up 3.7 percent. The electricity index was up 9.2 percent, the largest index advance since April 2023. The utility (piped) gas service index rose 4.9 percent and the fuel oil index also increased. The gasoline index declined 1.2 percent over the year.
All items less food and energyThe index for all items less food and energy was down 0.1 percent in July, the first index decline since November 2022. Prices for lodging away from home, a component of the shelter index, contributed to the decline. The medical care index also decreased (down 1.1 percent), mainly due to a 1.3-percent decline in prices for medical care services. Prices for apparel were down 2.7 percent and prices for public transportation also decreased. Some indexes rose over the month and tempered the overall decline. The shelter index was up 0.1 percent despite the lower prices for lodging away from home, led by a 0.4-percent increase in the owners’ equivalent rent of residences index and a 0.5-percent increase in the rent of primary residence index. Prices for household furnishings and operations were up 0.7 percent.
Over the year, the index for all items less food and energy was up 3.9 percent, mainly because of the 6.2-percent rise in the shelter index. Within shelter, the owners’ equivalent rent of residences index was up 6.4 percent, and the rent of primary residence index was up 5.7 percent. The medical care index was up 2.2 percent over the year, as prices rose for medical care commodities (up 5.3 percent) and medical care services (up 1.6 percent). Two indexes declined over the year: new and used motor vehicles (down 3.7 percent; the fourth consecutive month of accelerating decreases) and apparel (down 1.3 percent).
Geographic divisionsAdditional price indexes are available for the two divisions of the Northeast. Over the month, the all items CPI-U index for the Middle Atlantic division was up 0.2 percent. The CPI-U for the New England division declined 0.3 percent.
Over the year, the all items index rose 3.7 percent in the Middle Atlantic division and 3.5 percent in the New England division. (See table B.)
Month | 2020 | 2021 | 2022 | 2023 | 2024 | |||||
---|---|---|---|---|---|---|---|---|---|---|
1-month | 12-month | 1-month | 12-month | 1-month | 12-month | 1-month | 12-month | 1-month | 12-month | |
January | 0.7 | 2.3 | 0.4 | 1.1 | 0.8 | 6.3 | 0.7 | 6.0 | 0.6 | 2.5 |
February | 0.3 | 2.4 | 0.4 | 1.2 | 0.7 | 6.6 | 0.5 | 5.9 | 0.5 | 2.4 |
March | -0.2 | 1.7 | 0.6 | 2.1 | 1.3 | 7.3 | -0.2 | 4.3 | 0.7 | 3.4 |
April | -0.4 | 0.8 | 0.7 | 3.3 | 0.6 | 7.2 | 0.2 | 3.8 | 0.4 | 3.6 |
May | 0.0 | 0.6 | 0.6 | 3.9 | 0.9 | 7.5 | 0.1 | 3.1 | 0.4 | 3.9 |
June | 0.3 | 0.8 | 1.0 | 4.6 | 1.2 | 7.6 | 0.3 | 2.2 | 0.3 | 3.8 |
July | 0.4 | 1.1 | 0.2 | 4.3 | -0.2 | 7.3 | 0.2 | 2.6 | 0.0 | 3.6 |
August | 0.1 | 1.1 | 0.1 | 4.4 | 0.3 | 7.4 | 0.5 | 2.8 | ||
September | 0.1 | 1.2 | 0.3 | 4.6 | 0.1 | 7.2 | 0.3 | 3.0 | ||
October | -0.2 | 1.1 | 0.6 | 5.4 | 0.3 | 6.9 | 0.0 | 2.7 | ||
November | 0.1 | 1.1 | 0.6 | 6.0 | 0.1 | 6.4 | 0.0 | 2.5 | ||
December | 0.2 | 1.4 | 0.2 | 5.9 | -0.1 | 6.1 | 0.0 | 2.6 |
Area | 1-month change | 12-month change |
---|---|---|
Northeast | 0.0 | 3.6 |
New England Division | -0.3 | 3.5 |
Middle Atlantic Division | 0.2 | 3.7 |
The August Consumer Price Index for the Northeast Region is scheduled to be released on September 11, 2024.
The Consumer Price Index for the Northeast Region is published 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 93 percent of the total U.S. population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 29 percent of the total U.S. 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, 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 75 urban areas across the country from about 6,000 housing units and approximately 22,000 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; for most of the CPI-U the reference base is 1982-84 equals 100. An increase of 7 percent from the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the price of a base period market basket of goods and services rising from $100 to $107. For further details see the CPI home page on the internet at www.bls.gov/cpi and the CPI section of the BLS Handbook of Methods available on the internet at www.bls.gov/opub/hom/cpi/.
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 Northeast region is comprised of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
The New England division is comprised of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
The Middle Atlantic division is comprised of New Jersey, New York, and Pennsylvania.
Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
Expenditure category | Indexes | Percent change from | |||||
---|---|---|---|---|---|---|---|
Historical data | May 2024 | Jun. 2024 | Jul. 2024 | Jul. 2023 | May 2024 | Jun. 2024 | |
All items | 324.439 | 325.271 | 325.339 | 3.6 | 0.3 | 0.0 | |
All items (December 1977 = 100) | 510.892 | 512.202 | 512.309 | ||||
Food and beverages | 328.156 | 329.007 | 329.749 | 2.1 | 0.5 | 0.2 | |
Food | 330.775 | 331.469 | 332.234 | 2.2 | 0.4 | 0.2 | |
Food at home | 307.711 | 307.891 | 309.000 | 0.9 | 0.4 | 0.4 | |
Cereals and bakery products | 384.960 | 386.874 | 385.818 | -0.5 | 0.2 | -0.3 | |
Meats, poultry, fish, and eggs | 311.825 | 313.613 | 313.213 | 3.1 | 0.4 | -0.1 | |
Dairy and related products | 274.567 | 276.169 | 279.924 | -0.4 | 2.0 | 1.4 | |
Fruits and vegetables | 353.598 | 347.943 | 353.095 | -1.0 | -0.1 | 1.5 | |
Nonalcoholic beverages and beverage materials | 221.756 | 221.119 | 225.084 | 4.6 | 1.5 | 1.8 | |
Other food at home | 280.595 | 282.135 | 280.052 | 0.1 | -0.2 | -0.7 | |
Food away from home | 371.911 | 373.582 | 373.682 | 4.6 | 0.5 | 0.0 | |
Alcoholic beverages | 292.155 | 295.121 | 295.550 | 0.4 | 1.2 | 0.1 | |
Housing | 351.041 | 353.688 | 354.777 | 5.8 | 1.1 | 0.3 | |
Shelter | 433.995 | 436.491 | 437.068 | 6.2 | 0.7 | 0.1 | |
Rent of primary residence | 433.802 | 436.003 | 438.034 | 5.7 | 1.0 | 0.5 | |
Owners' equivalent rent of residences(1) | 449.915 | 451.832 | 453.685 | 6.4 | 0.8 | 0.4 | |
Owners' equivalent rent of primary residence(1) | 449.465 | 451.377 | 453.220 | 6.4 | 0.8 | 0.4 | |
Fuels and utilities | 292.793 | 298.760 | 302.989 | 6.4 | 3.5 | 1.4 | |
Household energy | 260.512 | 266.665 | 271.118 | 7.3 | 4.1 | 1.7 | |
Energy services | 256.681 | 264.900 | 269.198 | 8.1 | 4.9 | 1.6 | |
Electricity | 271.782 | 282.480 | 288.277 | 9.2 | 6.1 | 2.1 | |
Utility (piped) gas service | 209.180 | 211.964 | 213.020 | 4.9 | 1.8 | 0.5 | |
Household furnishings and operations | 144.468 | 145.986 | 147.046 | 2.3 | 1.8 | 0.7 | |
Apparel | 134.425 | 134.081 | 130.491 | -1.3 | -2.9 | -2.7 | |
Transportation | 269.628 | 267.276 | 267.463 | 2.3 | -0.8 | 0.1 | |
Private transportation | 268.333 | 266.037 | 267.701 | 2.6 | -0.2 | 0.6 | |
New and used motor vehicles(2) | 125.437 | 124.559 | 124.986 | -3.7 | -0.4 | 0.3 | |
New vehicles | 174.923 | 174.977 | 174.967 | -0.1 | 0.0 | 0.0 | |
New cars(3) | 164.835 | 164.957 | 164.696 | -0.6 | -0.1 | -0.2 | |
Used cars and trucks | 192.759 | 193.788 | 192.432 | -9.6 | -0.2 | -0.7 | |
Motor fuel | 310.281 | 302.221 | 303.288 | -1.2 | -2.3 | 0.4 | |
Gasoline (all types) | 309.881 | 301.867 | 302.970 | -1.2 | -2.2 | 0.4 | |
Gasoline, unleaded regular(3) | 304.903 | 296.618 | 297.770 | -1.5 | -2.3 | 0.4 | |
337.743 | 330.810 | 331.681 | 0.1 | -1.8 | 0.3 | ||
Gasoline, unleaded premium(3) | 333.583 | 327.141 | 327.972 | 0.5 | -1.7 | 0.3 | |
Medical care | 578.443 | 578.651 | 572.336 | 2.2 | -1.1 | -1.1 | |
Medical care commodities | 424.118 | 425.037 | 424.001 | 5.3 | 0.0 | -0.2 | |
Medical care services | 623.600 | 623.580 | 615.631 | 1.6 | -1.3 | -1.3 | |
Professional services | 425.472 | 425.588 | 425.016 | -2.1 | -0.1 | -0.1 | |
Recreation(2) | 142.716 | 143.728 | 142.794 | 1.9 | 0.1 | -0.6 | |
Education and communication(2) | 155.592 | 155.197 | 155.599 | 0.6 | 0.0 | 0.3 | |
Tuition, other school fees, and child care(5) | 1,413.099 | 1,414.764 | 1,422.147 | 1.7 | 0.6 | 0.5 | |
Other goods and services | 608.155 | 607.588 | 610.227 | 2.6 | 0.3 | 0.4 | |
Commodity and service group | |||||||
Commodities | 229.520 | 229.461 | 229.201 | 0.3 | -0.1 | -0.1 | |
Commodities less food and beverages | 178.383 | 177.957 | 177.303 | -1.0 | -0.6 | -0.4 | |
Nondurables less food and beverages | 231.943 | 230.342 | 228.745 | 0.3 | -1.4 | -0.7 | |
Durables | 120.472 | 120.849 | 120.881 | -2.5 | 0.3 | 0.0 | |
Services | 415.545 | 417.230 | 417.612 | 5.4 | 0.5 | 0.1 | |
Special aggregate indexes | |||||||
All items less shelter | 286.166 | 286.376 | 286.252 | 2.2 | 0.0 | 0.0 | |
All items less medical care | 313.299 | 314.159 | 314.513 | 3.7 | 0.4 | 0.1 | |
Commodities less food | 182.575 | 182.239 | 181.611 | -0.9 | -0.5 | -0.3 | |
Nondurables | 279.463 | 279.062 | 278.609 | 1.3 | -0.3 | -0.2 | |
Nondurables less food | 235.437 | 234.122 | 232.653 | 0.3 | -1.2 | -0.6 | |
Services less rent of shelter(1) | 408.706 | 409.225 | 409.397 | 4.4 | 0.2 | 0.0 | |
Services less medical care services | 401.230 | 403.031 | 403.982 | 5.9 | 0.7 | 0.2 | |
Energy | 282.049 | 282.219 | 285.253 | 3.7 | 1.1 | 1.1 | |
All items less energy | 332.411 | 333.307 | 333.142 | 3.6 | 0.2 | 0.0 | |
All items less food and energy | 334.808 | 335.745 | 335.415 | 3.9 | 0.2 | -0.1 | |
Footnotes |
Last Modified Date: Wednesday, August 14, 2024