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Wednesday, May 15, 2024
Prices in the Philadelphia-Camden-Wilmington area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.7 percent for the 2 months ending in April, the U.S. Bureau of Labor Statistics reported today. (See table A). Regional Commissioner Alexandra Hall Bovee noted that April’s rise was mainly due to an increase in the all items less food and energy index (0.5 percent), influenced by higher prices for shelter and medical care. The energy index and food index were up 4.1 percent and 0.5 percent, respectively. (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 increased 4.1 percent, led by the index for all items less food and energy, up 4.6 percent largely due to rising shelter prices. (See chart 1 and table A.) Food prices also rose, up 2.5 percent. The energy index, after six bi-months of over-the-year declines, advanced 1.6 percent. (See table 1).
FoodIn the two months ending in April, the food index advanced 0.5 percent. The food at home index also rose 0.5 percent, led by higher prices for meats, poultry, fish, and eggs up 3.1 percent (the largest increase since August 2022), due in part to processed fish and seafood price increases. Prices in the other food at home index advanced 2.3 percent and the cereals and bakery products index increased 0.7 percent (down from February’s 3.5 percent). Declines in the remaining grocery categories tempered the index rise. The food away from home index increased 0.4 percent.
Over the year, food prices rose 2.5 percent. For the same period, prices for food away from home increased 4.1 percent and prices for food at home were up 1.5 percent. Leading the increase for food at home was the nonalcoholic beverages and beverage materials index (6.2 percent), the cereals and bakery products index, (3.8 percent), and the other food at home index (2.0 percent). Prices for fruits and vegetables decreased -0.8 percent, the first decline since December 2021. Declining prices continued since June 2023 for meats, poultry, fish, and eggs (-0.5 percent) whereas prices for dairy and related products declined (-1.5 percent) for the first time since December 2021.
EnergyThe energy index increased 4.1 percent for the 2 months ending in April. The increase was mainly due to rising prices in the gasoline index, up 7.6 percent after February’s decline of -1.0 percent. Prices for electricity rose 2.3 percent, and prices for natural gas service increased 1.8 percent for the same period.
Energy prices were up 1.6 percent over the year, largely due to a higher electricity index. Prices for electricity increased 7.0 percent. The utility (piped) gas service index was down -7.0 percent, and the gasoline index decreased -0.1 percent.
All items less food and energyThe index for all items less food and energy advanced 0.5 percent in the latest 2-month period. The rise was led by higher prices for shelter (0.2 percent—the smallest bi-monthly rise since February 2021) and medical care (0.9 percent). Within the shelter index, owners’ equivalent rent of residences was up 0.8 percent; rent of primary residence increased 1.0 percent; and lodging away from home declined. Other major categories in the all items less food and energy index also increased, medical care increased 0.9 percent and public transportation prices rose as well. Partially offsetting the rises were lower prices for apparel (down -1.7 percent after an increase of 12.8 percent in February) and other goods and services (down -1.2 percent).
During the past year, the index for all items less food and energy increased 4.6 percent, mainly driven by a 6.1-percent increase in the shelter index. Within shelter, the indexes owners’ equivalent rent of residences advanced 6.8 percent, rent of primary residence rose 7.2 percent and lodging away from home decreased. The apparel index rose 5.9 percent over the year. Other categories also had increases— prices for recreation were up 3.7 percent, prices for education and communication advanced 3.0 percent, and prices for household furnishings and operations rose 1.5 percent. Prices for new and used motor vehicles rose 0.3 percent, the smallest increase since December 2019. New vehicles within the index increased 0.6 percent and used cars and trucks decreased -6.0 percent—continuing a nine bi-month trend of over-the-year declines. Also partially tempering the overall increase was a decrease in the medical care index, down -0.4 percent, and a decline in prices for public transportation.
The June 2024 Consumer Price Index for the Philadelphia-Camden-Wilmington area is scheduled to be released on July 11, 2024.
The Consumer Price Index for Philadelphia-Camden-Wilmington 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 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 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, Core Based Statistical Area includes Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties in Pennsylvania; Burlington, Camden, Cumberland, Gloucester, and Salem Counties in New Jersey; New Castle County in Delaware; and Cecil County in Maryland.
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 | Feb. 2024 | Mar. 2024 | Apr. 2024 | Apr. 2023 | Feb. 2024 | Mar. 2024 | |
All items | 311.227 | 313.505 | 4.1 | 0.7 | |||
All items (1967 = 100) | 899.117 | 905.699 | |||||
Food and beverages | 299.224 | 300.471 | 2.3 | 0.4 | |||
Food | 301.941 | 303.369 | 2.5 | 0.5 | |||
Food at home | 307.428 | 307.840 | 309.060 | 1.5 | 0.5 | 0.4 | |
Cereals and bakery products | 423.500 | 417.025 | 426.376 | 3.8 | 0.7 | 2.2 | |
Meats, poultry, fish, and eggs | 329.907 | 339.282 | 340.135 | -0.5 | 3.1 | 0.3 | |
Dairy and related products | 244.772 | 234.431 | 240.800 | -1.5 | -1.6 | 2.7 | |
Fruits and vegetables | 309.358 | 303.867 | 304.571 | -0.8 | -1.5 | 0.2 | |
Nonalcoholic beverages and beverage materials(1) | 215.273 | 224.843 | 209.964 | 6.2 | -2.5 | -6.6 | |
Other food at home | 292.541 | 291.335 | 299.262 | 2.0 | 2.3 | 2.7 | |
Food away from home | 285.902 | 287.000 | 4.1 | 0.4 | |||
Alcoholic beverages | 257.737 | 256.615 | 0.1 | -0.4 | |||
Housing | 332.272 | 333.401 | 5.2 | 0.3 | |||
Shelter | 411.157 | 412.391 | 412.179 | 6.1 | 0.2 | -0.1 | |
Rent of primary residence | 384.693 | 387.091 | 388.598 | 7.2 | 1.0 | 0.4 | |
Owners' equivalent rent of residences(2) | 420.585 | 421.393 | 423.814 | 6.8 | 0.8 | 0.6 | |
Owners' equivalent rent of primary residence(2) | 420.585 | 421.393 | 423.814 | 6.8 | 0.8 | 0.6 | |
Fuels and utilities | 270.348 | 274.132 | 2.3 | 1.4 | |||
Household energy | 223.270 | 226.969 | 226.828 | 2.7 | 1.6 | -0.1 | |
Energy services | 231.664 | 236.717 | 236.728 | 2.9 | 2.2 | 0.0 | |
Electricity | 235.682 | 241.199 | 241.144 | 7.0 | 2.3 | 0.0 | |
Utility (piped) gas service | 204.396 | 207.862 | 208.047 | -7.0 | 1.8 | 0.1 | |
Household furnishings and operations | 145.796 | 145.958 | 1.5 | 0.1 | |||
Apparel | 116.760 | 114.818 | 5.9 | -1.7 | |||
Transportation | 267.752 | 278.646 | 5.3 | 4.1 | |||
Private transportation | 280.386 | 292.476 | 7.3 | 4.3 | |||
New and used motor vehicles(3) | 133.543 | 133.731 | 0.3 | 0.1 | |||
New vehicles(1) | 239.207 | 238.993 | 0.6 | -0.1 | |||
Used cars and trucks(1) | 338.359 | 339.717 | -6.0 | 0.4 | |||
Motor fuel | 304.734 | 308.621 | 327.702 | -0.1 | 7.5 | 6.2 | |
Gasoline (all types) | 300.759 | 304.647 | 323.599 | -0.1 | 7.6 | 6.2 | |
Gasoline, unleaded regular(4) | 295.166 | 299.382 | 319.068 | -0.2 | 8.1 | 6.6 | |
317.325 | 319.338 | 335.153 | 0.6 | 5.6 | 5.0 | ||
Gasoline, unleaded premium(4) | 316.025 | 318.004 | 332.180 | 1.0 | 5.1 | 4.5 | |
Medical care | 590.637 | 595.658 | -0.4 | 0.9 | |||
Recreation(3) | 139.497 | 139.434 | 3.7 | 0.0 | |||
Education and communication(3) | 138.809 | 139.430 | 3.0 | 0.4 | |||
Tuition, other school fees, and child care(1) | 1,158.191 | 1,158.588 | 4.5 | 0.0 | |||
Other goods and services | 701.676 | 693.191 | 0.2 | -1.2 | |||
Commodity and service group | |||||||
Commodities | 222.901 | 224.088 | 1.3 | 0.5 | |||
Commodities less food and beverages | 182.307 | 183.463 | 0.9 | 0.6 | |||
Nondurables less food and beverages | 226.961 | 229.944 | 3.1 | 1.3 | |||
Durables | 130.612 | 130.144 | -2.2 | -0.4 | |||
Services | 398.727 | 402.079 | 5.4 | 0.8 | |||
Special aggregate indexes | |||||||
All items less shelter | 276.974 | 279.769 | 2.8 | 1.0 | |||
All items less medical care | 299.310 | 301.472 | 4.4 | 0.7 | |||
Commodities less food | 185.379 | 186.452 | 0.8 | 0.6 | |||
Nondurables | 263.717 | 265.770 | 2.5 | 0.8 | |||
Nondurables less food | 228.846 | 231.516 | 2.8 | 1.2 | |||
Services less rent of shelter(2) | 392.568 | 398.767 | 4.5 | 1.6 | |||
Services less medical care services | 383.699 | 387.015 | 6.0 | 0.9 | |||
Energy | 255.086 | 258.908 | 265.436 | 1.6 | 4.1 | 2.5 | |
All items less energy | 320.033 | 321.745 | 4.3 | 0.5 | |||
All items less food and energy | 326.390 | 328.176 | 4.6 | 0.5 | |||
Footnotes |
Last Modified Date: Wednesday, May 15, 2024