Tuesday, December 15, 2015
Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), edged down 0.2 percent after a 0.1-percent decline in October, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the decrease largely to lower apparel prices. (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 up 0.6 percent. (See table A.) The November increase was the largest since November 2014. (See chart 1.) The index for all items less food and energy increased 2.0 percent. (See table 1.) Higher prices for shelter drove the 12-month change in both indexes.
The food index declined 0.2 percent in November after inching up 0.1 percent in October. Lower prices for soups, pork chops, and uncooked beef steaks contributed to a 0.6-percent decrease in prices for food at home. Prices for food away from home rose 0.4 percent.
Over the year, the food index increased 1.4 percent. At-home food prices rose 0.9 percent, while away-from-home food prices rose 2.1 percent.
The energy index inched down 0.1 percent over the month. Gasoline prices fell 0.8 percent, down for the fifth consecutive month; fuel oil prices were also lower in November. Moderating the decrease in the energy index were higher prices for natural gas (1.0 percent) and electricity (0.3 percent).
For the year ended November 2015, the energy index fell 16.7 percent, largely due to a 27.0-percent drop in gasoline prices. The household energy index fell 8.6 percent due to lower prices for electricity (-6.4 percent), natural gas (-0.4 percent), and fuel oil.
The index for all items less food and energy edged down 0.2 percent after a 0.2-percent increase in October. Apparel prices had a larger-than-usual seasonal decline of 4.2 percent. Medical care prices fell 1.0 percent. The shelter index was unchanged as increases in the residential rent (0.3 percent) and owners’ equivalent rent (0.1 percent) components canceled out lower prices for lodging away from home. Moderating the decline in the all items less food and energy index was a 0.5-percent increase in prices for education and communication.
From November 2014 to November 2015, the index for all items less food and energy advanced 2.0 percent. Shelter prices rose 3.1 percent, reflecting higher prices for residential rent (3.6 percent) and owners’ equivalent rent (2.9 percent). Prices for education and communication rose 2.0 percent, the largest increase since August 2012. Prices for medical care were up 1.8 percent.
In November, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 255.385, down 0.2 percent over the month. The CPI-W rose 0.3 percent over the year.
The December 2015 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Wednesday, January 20, 2016, at 8:30 a.m. (ET).
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/pdf/homch17.pdf.
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.
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||Indexes||Percent change 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 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 (2)
Services less medical care services
All items less energy
All items less food and energy
Note: Index applies to a month as a whole, not to any specific date.
Last Modified Date: Tuesday, December 15, 2015