Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), rose 0.4 percent in May, after a 0.1-percent increase in April, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the May increase mainly to higher prices for energy. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Over the year, the CPI-U was down 0.1 percent. (See table A.) In contrast, the all items less food and energy index advanced 1.5 percent. (See chart 1 and table 1.)

Food

After rising 0.3 percent in April, the food index inched down 0.1 percent in May, due to a 0.5-percent decline in prices for food at home. Lower prices were recorded for a number of items including ham, nonfrozen noncarbonated juices and drinks, and fresh fish and seafood. Prices for food away from home rose 0.5 percent over the month.

For the year ended May 2015, the food index rose 2.2 percent. Prices for food at home increased 1.3 percent, and prices for food away from home advanced 3.5 percent.

Energy

The energy index rose 4.5 percent, due largely to a 10.6-percent jump in gasoline prices, the largest increase since June 2009. Natural gas prices were up 8.2 percent in May, while prices for electricity fell 2.2 percent. Fuel oil prices were higher over the month.

Over the year, the energy index dropped 19.0 percent, due primarily to lower prices for gasoline, down 27.0 percent. Among the household energy components, prices fell 18.2 percent for natural gas and 6.4 percent for electricity.

All items less food and energy

The index for all items less food and energy edged up 0.2 percent, led by higher prices for public transportation, particularly airline fares. Prices for shelter rose 0.2 percent, reflecting higher prices for residential rent (0.4 percent) and owners’ equivalent rent (0.2 percent). Moderating the advance in the all items less food and energy group were price declines for household furnishings and operations (-0.9 percent), recreation (-0.6 percent), and apparel (-0.7 percent).

From May 2014 to May 2015, the index for all items less food and energy advanced 1.5 percent. Prices for shelter increased 2.0 percent, with residential rent up 2.6 percent. Higher prices were also recorded for medical care (3.0 percent) and apparel (3.6 percent)..

Table A. New York-Northern New Jersey-Long Island CPI-U 1-month and 12-month percent changes (not seasonally adjusted)

Month	2010		2011		2012		2013		2014		2015
	1-month	12-month	1-month	12-month	1-month	12-month	1-month	12-month	1-month	12-month	1-month	12-month
January	0.2	2.4	0.3	1.5	0.4	2.8	0.5	2.2	0.9	1.9	0.1	-0.5
February	0.0	1.8	0.5	2.1	0.4	2.6	0.6	2.4	-0.2	1.1	0.3	0.1
March	0.5	2.1	0.7	2.3	0.6	2.6	0.1	1.9	0.4	1.3	0.2	-0.1
April	0.2	2.1	0.4	2.5	0.2	2.4	-0.2	1.4	0.0	1.6	0.1	0.0
May	0.2	2.2	0.6	2.9	0.1	1.8	0.1	1.4	0.5	1.9	0.4	-0.1
June	-0.1	1.5	0.2	3.2	-0.1	1.6	0.3	1.8	0.0	1.7
July	0.1	1.5	0.3	3.3	-0.2	1.1	0.2	2.1	0.1	1.6
August	0.2	1.4	0.4	3.5	0.6	1.4	0.1	1.7	-0.2	1.3
September	0.0	1.2	0.2	3.8	0.4	1.6	0.3	1.6	0.0	1.0
October	0.2	1.5	-0.2	3.3	-0.1	1.7	-0.6	1.1	-0.2	1.3
November	0.0	1.3	-0.3	3.0	0.0	2.0	0.1	1.2	-0.4	0.8
December	0.0	1.4	-0.4	2.7	-0.3	2.1	0.0	1.5	-0.5	0.3

CPI-W

In May, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 255.946, up 0.5 percent over the month. The CPI-W decreased 0.5 percent over the year.

The June 2015 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Friday, July 17, 2015, at 8:30 a.m. (ET).

Technical Note

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 6,000 housing units and approximately 24,000 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/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 New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. consolidated area covered in this release is comprised of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.

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