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Wednesday, February 15, 2017

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Consumer Price Index, New York-Northern New Jersey – January 2017

Area prices up 0.6 percent over the month and 2.5 percent over the year

Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.6 percent in January after inching up 0.1 percent in December, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed much of the increase to higher apparel and 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 2.5 percent, the largest 12-month increase in nearly five years. The index for all items less food and energy rose 2.2 percent. (See table A and chart 1.) Higher prices for shelter drove the 12-month change in both indexes. (See table 1.)

 

Food

The food index increased 0.6 percent over the month, after remaining flat for two consecutive months. Prices for food at home rose 0.8 percent, while prices for food away from home edged up 0.2 percent. Groceries with higher prices in January included cheese; snacks; and spices, seasonings, condiments, sauces.

For the year ended in January 2017, the food index inched up 0.1 percent. Prices for food at home decreased 1.9 percent, enough to nearly counterbalance a 2.8-percent rise in prices for food away from home.

Energy

The energy index rose 2.5 percent, after rising 2.7 percent in November and December, with gasoline prices up 4.7 percent. Within household energy, natural gas prices rose 4.5 percent, along with a rise in prices for fuel oil. Electricity prices, on the other hand, posted a 1.2-percent decline.

From January 2016 to January 2017, energy prices rose 13.9 percent, the largest increase since September 2011. Component increases were widespread, with gasoline prices advancing 25.8 percent and household energy prices advancing 7.0 percent. Among household energy components, natural gas climbed 18.7 percent—the largest increase in nearly 11 years. By contrast, electricity prices were down 0.5 percent.

All items less food and energy

The index for all items less food and energy increased 0.4 percent in January, in part due to a 5.9-percent jump in prices for apparel. Shelter ticked up 0.1 percent, with price increases for owners’ equivalent rent (0.1 percent). Residential rent, however, was flat. A 0.9-percent rise in prices for household furnishing and operations, a 0.8-percent rise in medical care prices, and higher prices for new vehicles also contributed to the overall increase.

Over the year, the index for all items less food and energy rose 2.2 percent. Shelter prices advanced 3.2 percent. Within shelter, owners’ equivalent rent rose 3.0 percent and residential rent, 2.6 percent. Among other categories, medical care advanced 5.0 percent, and recreation and other goods and services each increased 1.9 percent.

Table A. New York-Northern New Jersey-Long Island CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2012 2013 2014 2015 2016 2017
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

0.4 2.8 0.5 2.2 0.9 1.9 0.1 -0.5 0.2 0.8 0.6 2.5

February

0.4 2.6 0.6 2.4 -0.2 1.1 0.3 0.1 0.2 0.6    

March

0.6 2.6 0.1 1.9 0.4 1.3 0.2 -0.1 0.2 0.7    

April

0.2 2.4 -0.2 1.4 0.0 1.6 0.1 0.0 0.4 1.0    

May

0.1 1.8 0.1 1.4 0.5 1.9 0.4 -0.1 0.3 0.9    

June

-0.1 1.6 0.3 1.8 0.0 1.7 0.2 0.1 0.2(R) 0.9(R)    

July

-0.2 1.1 0.2 2.1 0.1 1.6 -0.1 -0.1 -0.1 1.0    

August

0.6 1.4 0.1 1.7 -0.2 1.3 0.1 0.1 0.2 1.1    

September

0.4 1.6 0.3 1.6 0.0 1.0 0.2 0.3 0.2 1.0    

October

-0.1 1.7 -0.6 1.1 -0.2 1.3 -0.1 0.4 0.1 1.2    

November

0.0 2.0 0.1 1.2 -0.4 0.8 -0.2 0.6 0.2 1.6    

December

-0.3 2.1 0.0 1.5 -0.5 0.3 -0.4 0.7 0.1 2.1    

Footnotes:
(R) = revised.
 

CPI-W

In January, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 261.409, up 0.6 percent over the month. The CPI-W rose 2.5 percent over the year.

The February 2017 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Wednesday, March 15, 2017, 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/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.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods, New York-Northern N.J.-Long Island, NY-NJ-CT-PA (1982-84=100 unless otherwise noted)(not seasonally adjusted)
Item and Group Indexes Percent change from-
Nov.
2016
Dec.
2016
Jan.
2017
Jan.
2016
Nov.
2016
Dec.
2016
 

Expenditure category

 
 

All items

265.203 265.421 266.917 2.5 0.6 0.6

All items (1967=100)

766.664 767.295 771.621      
 

Food and beverages

257.208 257.012 258.304 0.1 0.4 0.5

Food

256.951 256.849 258.298 0.1 0.5 0.6

Food at home

248.012 247.754 249.820 -1.9 0.7 0.8

Food away from home

276.552 276.672 277.261 2.8 0.3 0.2

Alcoholic beverages

256.281 254.823 253.983 0.1 -0.9 -0.3
 

Housing

287.452 288.586 289.262 3.2 0.6 0.2

Shelter

365.114 365.319 365.684 3.2 0.2 0.1

Rent of primary residence(1)

375.539 377.194 377.224 2.6 0.4 0.0

Owners' equivalent rent of residences(1)(2)

371.287 371.689 372.132 3.0 0.2 0.1

Owners' equivalent rent of primary residence(1)(2)

370.812 371.213 371.656 3.0 0.2 0.1

Fuels and utilities

177.883 183.017 184.792 6.3 3.9 1.0

Household energy

168.910 174.421 176.339 7.0 4.4 1.1

Energy services(1)

163.566 168.231 169.309 5.1 3.5 0.6

Electricity(1)

173.266 176.861 174.823 -0.5 0.9 -1.2

Utility (piped) gas service(1)

137.633 143.902 150.348 18.7 9.2 4.5

Household furnishings and operations

108.437 109.988 111.015 -1.4 2.4 0.9
 

Apparel

124.428 119.924 127.022 0.3 2.1 5.9
 

Transportation

211.250 210.671 212.861 3.9 0.8 1.0

Private transportation

196.746 197.258 200.128 4.9 1.7 1.5

Motor fuel

187.493 190.908 199.975 25.7 6.7 4.7

Gasoline (all types)

186.767 190.162 199.139 25.8 6.6 4.7

Gasoline, unleaded regular(3)

184.836 188.631 197.956 27.2 7.1 4.9

Gasoline, unleaded midgrade(3)(4)

198.637 200.508 208.242 19.4 4.8 3.9

Gasoline, unleaded premium(3)

202.140 202.837 209.641 17.3 3.7 3.4
 

Medical care

470.574 470.698 474.449 5.0 0.8 0.8
 

Recreation(5)

121.092 121.369 120.828 1.9 -0.2 -0.4
 

Education and communication(5)

143.374 144.266 144.450 0.6 0.8 0.1
 

Other goods and services

415.073 414.381 416.991 1.9 0.5 0.6
 

Commodity and service group

 
 

All items

265.203 265.421 266.917 2.5 0.6 0.6

Commodities

184.900 184.676 187.433 1.7 1.4 1.5

Commodities less food and beverages

140.865 140.641 143.918 3.0 2.2 2.3

Nondurables less food and beverages

177.426 177.128 182.215 6.3 2.7 2.9

Durables

94.128 93.993 95.239 -2.6 1.2 1.3

Services

333.074 333.634 334.211 2.9 0.3 0.2
 

Special aggregate indexes

 
 

All items less medical care

256.279 256.501 257.902 2.3 0.6 0.5

All items less shelter

225.624 225.848 227.812 2.1 1.0 0.9

Commodities less food

145.202 144.938 148.104 2.9 2.0 2.2

Nondurables

218.781 218.527 221.876 2.7 1.4 1.5

Nondurables less food

182.221 181.856 186.601 5.8 2.4 2.6

Services less rent of shelter(2)

309.062 310.022 310.830 2.4 0.6 0.3

Services less medical care services

322.118 322.714 322.981 2.7 0.3 0.1

Energy

178.323 183.116 187.773 13.9 5.3 2.5

All items less energy

275.456 275.248 276.461 1.9 0.4 0.4

All items less food and energy

280.534 280.307 281.488 2.2 0.3 0.4

Footnotes
(1) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator.
(2) Index is on a December 1982=100 base.
(3) Special index based on a substantially smaller sample.
(4) Indexes on a December 1993=100 base.
(5) Indexes on a December 1997=100 base.
 

Note: Index applies to a month as a whole, not to any specific date.
The New York-Northern New Jersey-Long Island, NY-NJ-CT-PA consolidated area comprises the five boroughs of New York City, Nassau, Suffolk, Westchester, Rockland, Putnam, Dutchess, and Orange Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Monmouth, Middlesex, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, New Haven, and Middlesex Counties in Connecticut; and Pike County in Pennsylvania.
 

 

Last Modified Date: Wednesday, February 15, 2017