Wednesday, March 11, 2020
Prices in the New York-Newark-Jersey City area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), inched up 0.2 percent in February, after rising 0.8 percent in January, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that the increase was partially driven by rising shelter 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 advanced 2.4 percent. The index for all items less food and energy increased 2.6 percent. (See table A and chart 1.) Price increases for shelter drove the 12-month change in both indexes. (See table 1.)
The food index was unchanged in February after rising 0.5 percent in each of the two previous months. With half of the six grocery groups declining, the food-at-home index inched down 0.2 percent. Citrus fruits were among grocery items with lower February prices. In contrast, prices for food away from home increased 0.3 percent.
Over the year, the food index increased 1.5 percent. Prices for food away from home were up 2.5 percent, and prices for food at home rose 0.8 percent.
The energy index decreased 2.3 percent in February, following a 1.4-percent rise in January. The decrease was mainly due to lower prices for gasoline (-3.3 percent). Household energy prices declined 1.6 percent, with lower prices for natural gas (-3.5 percent) and fuel oil and other fuels, partially offset by higher prices for electricity (1.2 percent).
Energy prices rose 2.1 percent over the year. Gasoline prices increased 5.7 percent. Electricity prices rose 2.8 percent, while natural gas prices dropped 5.3 percent.
The index for all items less food and energy rose 0.4 percent, after jumping 0.8 percent in January. Shelter prices rose 0.3 percent, driven by price increases for lodging away from home. Apparel prices, often up in February, rose 1.7 percent. Medical care prices increased 1.2 percent, with higher prices reported for eyeglasses and eye care and nonprescription drugs. Tuition, other school fees, and childcare rose 1.2 percent. Used cars and trucks advanced 1.1 percent, while new vehicles rose 0.6 percent. Higher prices were also reported for motor vehicle insurance, up 1.1 percent, and airline fares. Recreation rose 0.6 percent.
From February 2019 to February 2020, the index for all items less food and energy advanced 2.6 percent. A 2.5-percent increase in shelter prices included a 2.7-percent rise in residential rent and a 2.4-percent increase in owners’ equivalent rent. Medical care prices rose 5.7 percent. A 4.3-percent rise in prices for tuition, other school fees, and childcare contributed to a 3.4-percent increase in prices for education and communication. Prices for recreation rose 3.4 percent.
In February, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 276.412, up 0.1 percent over the month. The CPI-W rose 2.3 percent over the year.
The March 2020 Consumer Price Index for New York-Newark-Jersey City is scheduled to be released on Friday, April 10, 2020, 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 93 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 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 75 urban areas across the country from about 5,000 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 (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-Newark-Jersey City, N.Y.-N.J.-Pa., Core Based Statistical Area includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; 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
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
Owners' equivalent rent of residences(2)
Owners' equivalent rent of primary residence(2)
Fuels and utilities
Utility (piped) gas service
Household furnishings and operations
New and used motor vehicles(3)
Used cars and trucks(1)
Gasoline (all types)
Gasoline, unleaded regular(4)
Gasoline, unleaded premium(4)
Motor vehicle insurance(1)
Education and communication(3)
Tuition, other school fees, and child care(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(2)
Services less medical care services
All items less energy
All items less food and energy
Last Modified Date: Wednesday, March 11, 2020