Thursday, February 26, 2015
The Consumer Price Index for All Urban Consumers (CPI-U) in the Minneapolis-St. Paul area advanced 1.4 percent from the second half of 2013 to the second half of 2014, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Charlene Peiffer noted that the all items less food and energy index was 1.9 percent higher compared to its second half 2013 level as price increases were noted for several categories, most notably shelter. Food prices rose 1.1 percent over the year while the index for energy decreased 2.5 percent. (See chart 1.)
Food prices rose 1.1 percent over the year. Within the food category, the index for food at home (groceries) was 1.1 percent higher while prices for food away from home (restaurant, cafeteria, and vending purchases) increased 1.9 percent.
The energy index decreased 2.5 percent from the second half of 2013 to the second half of 2014. Within the energy category, the index for utility (piped) gas service rose 11.1 percent over the year. The indexes for electricity and gasoline were down 2.7 percent and 6.0 percent, respectively, compared to their second half 2013 levels.
The all items less food and energy index increased 1.9 percent over the year. Among the index’s components, higher costs were recorded for shelter (2.7 percent), medical care (2.2 percent), and apparel (5.4 percent).
The first half 2015 Consumer Price Index for Minneapolis-St. Paul is scheduled to be released Wednesday, August 19, 2015 7:30am CT.
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 89 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 28 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 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.
The Minneapolis-St. Paul, Minn.-Wis. metropolitan area covered in this release is comprised of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright Counties and Pierce and St. Croix Counties in Wisconsin.
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.
|Item and Group||Semiannual average indexes||Percent change to|
2nd half 2014 from-
All items (1967=100)
Food and beverages
Food at home
Food away from home
Rent of primary residence (1)
Fuels and utilities
Energy services (1)
Utility (piped) gas service (1)
Household furnishings and operations
Gasoline (all types)
Gasoline, unleaded regular (3)
Gasoline, unleaded premium (3)
Education and communication (5)
Other goods and services
Commodity and service group
Commodities less food & beverages
Nondurables less food & beverages
Special aggregate indexes
All items less medical care
All items less shelter
Commodities less food
Nondurables less food
Services less rent of shelter (2)
Services less medical care services
All items less energy
All items less food and energy
- Data not available.
Last Modified Date: Thursday, February 26, 2015