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Wednesday, June 14, 2017

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

Area prices up 0.1 percent over the month and 1.8 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), inched up 0.1 percent for the second consecutive month in May, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the May increase to a rise in energy prices that was partly offset by a decline in food 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 rose 1.8 percent. The index for all items less food and energy increased 1.4 percent. (See table A.) Since February, the over-the-year increases for both series have been declining. (See chart 1.) Price increases for shelter drove the 12-month changes. (See table 1.)

Food

The food index edged down 0.2 percent, following a 0.5-percent increase during each of the two prior months. A 0.5-percent decline in prices for food at home led to the downturn, with lower prices reported for lettuce, ham, and coffee among other groceries. Prices for food away from home, on the other hand, rose 0.2 percent.

For the year ended in May 2017, the food index increased 1.3 percent. Prices for food away from home rose 2.6 percent, and prices for food at home increased 0.3 percent.

Energy

The energy index advanced 2.1 percent, after rising 1.3 percent in April. Electricity prices jumped 6.4 percent in May, the largest increase since the introduction of seasonal surcharges of 8.8 percent last June. Natural gas prices, in contrast, decreased 0.6 percent, helping to temper the rise in household energy prices (3.2 percent). Gasoline prices, decelerating from a 3.5 percent rise one month earlier, rose 0.6 percent.

From May 2016 to May 2017, energy prices increased 9.9 percent, with a 9.5-percent increase in gasoline prices and a 10.2-percent rise in household energy prices. Within household energy, prices increased for natural gas (12.2 percent) and for electricity (8.8 percent).

All items less food and energy

The index for all items less food and energy was unchanged for the third consecutive month in May. Shelter prices ticked up 0.1 percent despite a 0.3-percent rise in residential rent coupled with a 0.4-percent increase in owners’ equivalent rent. Medical care prices rose 0.6 percent. These increases were offset by a seasonal decline in apparel (-2.4 percent) and lower prices for education and communication (-0.5 percent, resulting in part from price reductions for land-line telephone services).

Over the year, the index for all items less food and energy rose 1.4 percent. Shelter prices increased 2.5 percent, including a 2.5-percent rise in owners’ equivalent rent and a 2.6-percent increase in residential rent. Medical care prices rose 2.8 percent, and recreation prices, 3.1 percent. In contrast, prices for education and communication were down 0.6 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 0.3 2.6

March

0.6 2.6 0.1 1.9 0.4 1.3 0.2 -0.1 0.2 0.7 0.0 2.3

April

0.2 2.4 -0.2 1.4 0.0 1.6 0.1 0.0 0.4 1.0 0.1 2.0

May

0.1 1.8 0.1 1.4 0.5 1.9 0.4 -0.1 0.3 0.9 0.1 1.8

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 May, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 262.825, up 0.1 percent over the month. The CPI-W rose 2.0 percent over the year.

The June 2017 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Friday, July 14, 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-
March
2017
April
2017
May
2017
May
2016
March
2017
April
2017
 

Expenditure category

 
 

All items

267.582 267.948 268.183 1.8 0.2 0.1

All items (1967=100)

773.542 774.600 775.280      
 

Food and beverages

259.424 260.491 259.929 1.2 0.2 -0.2

Food

259.498 260.674 260.113 1.3 0.2 -0.2

Food at home

250.689 252.619 251.321 0.3 0.3 -0.5

Food away from home

278.974 279.083 279.580 2.6 0.2 0.2

Alcoholic beverages

254.000 253.582 253.006 -0.8 -0.4 -0.2
 

Housing

289.620 289.908 290.950 2.7 0.5 0.4

Shelter

366.030 366.709 367.192 2.5 0.3 0.1

Rent of primary residence(1)

378.523 378.952 380.197 2.6 0.4 0.3

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

371.896 372.122 373.435 2.5 0.4 0.4

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

371.431 371.660 372.968 2.5 0.4 0.4

Fuels and utilities

186.430 186.115 191.160 8.8 2.5 2.7

Household energy

178.134 177.792 183.438 10.2 3.0 3.2

Energy services(1)

171.430 171.091 178.062 9.9 3.9 4.1

Electricity(1)

176.237 174.619 185.867 8.8 5.5 6.4

Utility (piped) gas service(1)

153.583 155.490 154.628 12.2 0.7 -0.6

Household furnishings and operations

110.465 109.807 109.909 -2.6 -0.5 0.1
 

Apparel

133.045 130.086 126.946 -1.2 -4.6 -2.4
 

Transportation

211.912 214.862 215.630 1.3 1.8 0.4

Private transportation

197.863 199.689 199.906 1.6 1.0 0.1

Motor fuel

191.121 197.812 198.945 9.6 4.1 0.6

Gasoline (all types)

190.285 196.995 198.136 9.5 4.1 0.6

Gasoline, unleaded regular(3)

188.519 195.682 196.769 9.8 4.4 0.6

Gasoline, unleaded midgrade(3)(4)

202.504 206.500 208.296 8.4 2.9 0.9

Gasoline, unleaded premium(3)

204.318 208.244 209.683 7.9 2.6 0.7
 

Medical care

476.228 471.473 474.273 2.8 -0.4 0.6
 

Recreation(5)

123.262 123.860 123.371 3.1 0.1 -0.4
 

Education and communication(5)

142.675 142.737 142.055 -0.6 -0.4 -0.5
 

Other goods and services

418.840 416.715 417.646 0.8 -0.3 0.2
 

Commodity and service group

 
 

All items

267.582 267.948 268.183 1.8 0.2 0.1

Commodities

188.169 187.872 187.359 0.5 -0.4 -0.3

Commodities less food and beverages

144.434 143.523 143.062 0.0 -0.9 -0.3

Nondurables less food and beverages

183.575 181.968 181.267 1.9 -1.3 -0.4

Durables

94.884 94.726 94.537 -3.4 -0.4 -0.2

Services

334.838 335.718 336.528 2.4 0.5 0.2
 

Special aggregate indexes

 
 

All items less medical care

258.519 259.097 259.225 1.8 0.3 0.0

All items less shelter

228.609 228.849 228.984 1.4 0.2 0.1

Commodities less food

148.607 147.706 147.239 -0.1 -0.9 -0.3

Nondurables

223.143 222.795 222.148 1.5 -0.4 -0.3

Nondurables less food

187.884 186.345 185.651 1.6 -1.2 -0.4

Services less rent of shelter(2)

311.779 312.899 314.084 2.3 0.7 0.4

Services less medical care services

323.561 324.510 325.345 2.3 0.6 0.3

Energy

185.553 187.875 191.888 9.9 3.4 2.1

All items less energy

277.401 277.587 277.470 1.4 0.0 0.0

All items less food and energy

282.391 282.411 282.368 1.4 0.0 0.0

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, June 14, 2017