Tuesday, June 13, 2023
Prices in the Chicago-Naperville-Elgin area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.4 percent in May, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Jason Palmer noted that the food index rose 0.9 percent, while the energy index decreased 0.7 percent in May. The all items less food and energy index was up 0.3 percent. Within the all items less food and energy category, prices were higher over the month for shelter, household furnishings and operations, and used cars and trucks, while prices were lower for recreation. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)
Over the last 12 months, the CPI-U advanced 3.3 percent. (See chart 1 and table A.) The index for all items less food and energy increased 5.2 percent over the year. Food prices rose 4.9 percent. Energy prices fell 15.5 percent, largely the result of a decrease in the price of utility (piped) gas service. (See table 1.)
Food prices rose 0.9 percent for the month of May. Prices for food at home (groceries) rose 0.3 percent, and prices for food away from home (restaurant, cafeteria, and vending purchases) increased 1.8 percent for the same period.
Over the year, food prices rose 4.9 percent. Prices for food at home were up 4.5 percent since a year ago. Five of the six major grocery store food group indexes advanced over the year. The index for fruits and vegetables rose 6.9 percent, other food at home (includes sugar, sweets, fats, and oils, for example) increased 6.8 percent, and nonalcoholic beverages and beverage materials increased 6.5 percent. Prices for food away from home increased 5.6 percent.Energy
The energy index decreased 0.7 percent over the month. The decrease was mainly due to lower prices for utility (piped) gas service (-1.5 percent). Prices for gasoline decreased 0.5 percent, and prices for electricity declined 0.7 percent for the same period.
Energy prices fell 15.5 percent over the year, largely due to lower prices for utility (piped) gas service (-39.8 percent). Prices paid for electricity rose 12.1 percent, while prices for gasoline fell 16.1 percent during the past year.All items less food and energy
The index for all items less food and energy rose 0.3 percent in May. Higher prices for shelter (0.3 percent), household furnishings and operations (1.4 percent), and used cars and trucks (3.3 percent) were partially offset by lower prices for recreation (-0.8 percent).
Over the year, the index for all items less food and energy increased 5.2 percent. Components contributing to the increase included shelter (6.9 percent) and recreation (12.7 percent).
The June 2023 Consumer Price Index for the Chicago-Naperville-Elgin area is scheduled to be released on Wednesday, July 12, 2023.
The Consumer Price Index for Chicago 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 population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 29 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 Chicago-Naperville-Elgin, IL-IN-WI Core Based Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will Counties in Illinois; Jasper, Lake, Newton, and Porter Counties in Indiana; and Kenosha County in Wisconsin.
|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: Tuesday, June 13, 2023