Wednesday, August 10, 2022
Prices in the Minneapolis-St. Paul-Bloomington area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 1.2 percent for the two months ending in July 2022, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Jason Palmer noted that the food index increased 3.2 percent, and the energy index advanced 6.9 percent from May to July. The all items less food and energy index rose 0.3 percent over the past two months. Within the all items less food and energy category, prices were higher over the two-month period for shelter and new and used motor vehicles, but lower for public transportation. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)
Over the last 12 months, the CPI-U rose 8.2 percent. (See chart 1 and table A.) The index for all items less food and energy increased 5.0 percent over the year. Energy prices advanced 40.8 percent, largely the result of an increase in gasoline prices. Food prices were up 13.5 percent. (See table 1.)
Food prices increased 3.2 percent for the two months ending in July. Prices for food at home (groceries) advanced 4.1 percent as all six of the major grocery store food group indexes increased over the two-month period. Categories increasing included other food at home (includes sugar, sweets, fats, and oils, for example), 4.6 percent; and dairy and related products, 7.6 percent. Prices for food away from home (restaurant, cafeteria, and vending purchases) rose 1.7 percent for the same period.
Over the year, food prices increased 13.5 percent. Prices for food at home were up 16.0 percent since a year ago. All six major grocery store food group indexes increased over the year. The index for other food at home increased 20.0 percent over the year and the index for fruits and vegetables rose 14.6 percent. Prices for food away from home rose 9.5 percent compared to July 2021.Energy
The energy index increased 6.9 percent for the two months ending in July. The increase was mainly due to higher prices for gasoline (10.5 percent). Prices for electricity rose 14.0 percent, while prices for utility (piped) gas service decreased 5.5 percent for the same period.
Energy prices advanced 40.8 percent over the year, largely due to higher prices for gasoline (51.6 percent). Prices paid for utility (piped) gas service rose 58.9 percent, and prices for electricity rose 11.8 percent during the past year.All items less food and energy
The index for all items less food and energy increased 0.3 percent in the latest two-month period. Higher prices for shelter (0.8 percent) and new and used motor vehicles (2.4 percent) were partially offset by lower prices for public transportation.
Over the year, the index for all items less food and energy rose 5.0 percent. Components contributing to the increase included shelter (3.9 percent) and new and used motor vehicles (7.8 percent). Lower costs for public transportation only partially offset these increases.
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, 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 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 Minneapolis-St. Paul-Bloomington, MN-WI, Core Based Statistical Area covered in this release is comprised of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, LeSueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.
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.
|Item and Group||Indexes||Percent change from-|
All items (1967=100)
Food and beverages
Food at home
Cereals and bakery products
Meats, poultry, fish and eggs
Dairy and related products
Fruits and vegetables
Nonalcoholic beverages and beverage materials(1)
Other food at home
Food away from home
Rent of primary residence(2)
Fuels and utilities
Utility (piped) gas service(2)
Household furnishings and operations
New and used motor vehicles(4)
Used cars and trucks(1)
Gasoline (all types)
Gasoline, unleaded regular(5)
Gasoline, unleaded premium(5)
Education and communication(4)
Tuition, other school fees, and childcare(1)
Other goods and services
Commodity and service group
Commodities less food and beverages
Nondurables less food and beverages
Special aggregate indexes
All items less medical care
All items less shelter
Commodities less food
Nondurables less food
Services less rent of shelter(3)
Services less medical care services
All items less energy
All items less food and energy
- Data not available.
Last Modified Date: Wednesday, August 10, 2022