Friday, April 10, 2020
Prices in the New York-Newark-Jersey City area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), inched down 0.2 percent in March, after rising 0.2 percent in February, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that the decrease was driven by falling energy 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 2.0 percent. The index for all items less food and energy increased 2.5 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 edged up 0.1 percent in March, after no change in February. Grocery prices rose 0.2 percent, with price increases in the meats, poultry, fish, and eggs index—including higher prices for chicken—driving the increase. Prices for food away from home were flat.
Over the year, the food index increased 1.3 percent. Prices for food away from home were up 2.2 percent, and prices for food at home rose 0.6 percent.
The energy index decreased 3.7 percent in March, following a 2.3-percent decline in February. Gasoline prices fell 5.4 percent over the month. Household energy prices declined 2.6 percent, with lower prices for electricity (-1.5 percent) and fuel oil and other fuels. Natural gas prices were unchanged.
Energy prices were down 4.3 percent over the year, with decreases reported for gasoline (-5.7 percent), natural gas (-2.2 percent), and electricity (-1.5 percent).
The index for all items less food and energy was flat in March, after rising 0.4 percent in February and 0.8 percent in January. Shelter prices rose 0.3 percent, with price increases for lodging away from home, residential rent (0.2 percent), and owners’ equivalent rent (0.2 percent). Prices increases were also reported for recreation (0.7 percent) and used cars and trucks (2.2 percent). Offsetting these increases, price declines were reported for public transportation—including airline fares—apparel (-1.7 percent), new vehicles (-0.5 percent), and medical care commodities, among other items.
From March 2019 to March 2020, the index for all items less food and energy advanced 2.5 percent. A 2.6-percent increase in shelter prices included a 2.6-percent rise in residential rent and a 2.5-percent increase in owners’ equivalent rent. Medical care prices rose 5.3 percent, and recreation rose 4.7 percent. A 4.3-percent rise in prices for tuition, other school fees, and childcare contributed to a 3.1-percent increase in prices for education and communication.
In March, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 275.913, down 0.2 percent over the month. The CPI-W rose 1.8 percent over the year.
The April 2020 Consumer Price Index for New York-Newark-Jersey City is scheduled to be released on Tuesday, May 12, 2020, at 8:30 a.m. (ET).
The Consumer Price Index (CPI) program suspended data collection by personal visit on March 16, 2020. When possible, data normally collected by personal visit were collected either online or by phone. Additionally, data collection in March was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices being considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month. Additional information is available at www.bls.gov/bls/effects-of-covid-19-pandemic-on-bls-price-indexes.htm#CPI. Specific information about the impact of COVID-19 on March 2020 CPI data collection is available at www.bls.gov/cpi/additional-resources/covid19-statement-march-2020.htm.
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: Friday, April 10, 2020