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Wednesday, November 14, 2018

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Consumer Price Index, New York-Newark-Jersey City – October 2018

Area prices down 0.1 percent over the month and up 2.0 percent over the year

Prices in the New York-Newark-Jersey City area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), ticked down 0.1 percent in October, after advancing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the downturn to lower prices for energy and food. (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 increased 2.0 percent. The index for all items less food and energy advanced 1.5 percent. (See table A and chart 1.) Price increases for shelter drove the 12-month change in both indexes. (See table 1.)

Food

The food index dropped 0.5 percent in October—the largest decrease in over two years—primarily due to lower prices for food at home (-0.8 percent). Prices declined in four of the six food categories, with flour and prepared flour mixes and apples among the grocery items with lower prices. Prices for food away from home dipped 0.1 percent, after rising 0.3 percent in September.

Over the year, the food index rose 2.2 percent. Food-away-from-home prices were 2.9 percent higher, and food-at-home prices were 1.6 percent higher.

Energy

Over the month, energy prices declined 1.1 percent, following no change in September. Within household energy, prices for electricity dropped 2.8 percent on a seasonal decline. Prices for natural gas dropped 2.4 percent, marking a third consecutive monthly decline. Gasoline prices, on the other hand, were unchanged.

For the year ended in October 2018, the energy index increased 9.4 percent. Gasoline prices were up 12.6 percent, and household energy prices, 6.9 percent. Electricity prices were 4.9 percent higher, and natural gas prices were 4.0 percent higher.

All items less food and energy

The index for all items less food and energy was unchanged in October. Shelter prices were flat. Within shelter, price declines for lodging away from home counterbalanced price increases for residential rent (0.4 percent) and owners’ equivalent rent (0.3 percent). Price declines for apparel (-1.7 percent), recreation (-0.8), and education and communication (-0.5 percent) were offset by increases in household furnishings and operations (0.9 percent), medical care (0.5), and car and truck rentals.

From October 2017 to October 2018, the index for all items less food and energy rose 1.5 percent. Medical care prices increased 3.0 percent. Shelter prices rose 2.0 percent, including a 2.3-percent rise in owners’ equivalent rent and a 1.8-percent increase in residential rent. One other category was up by at least 1.0 percent—other goods and services (1.6 percent).

Table A. New York-Newark-Jersey City CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2013 2014 2015 2016 2017 2018
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

0.5 2.2 0.9 1.9 0.1 -0.5 0.2 0.8 0.6 2.5 0.4 1.4

February

0.6 2.4 -0.2 1.1 0.3 0.1 0.2 0.6 0.3 2.6 0.5 1.7

March

0.1 1.9 0.4 1.3 0.2 -0.1 0.2 0.7 0.0 2.3 0.0 1.7

April

-0.2 1.4 0.0 1.6 0.1 0.0 0.4 1.0 0.1 2.0 0.3 1.9

May

0.1 1.4 0.5 1.9 0.4 -0.1 0.3 0.9 0.1 1.8 0.4 2.2

June

0.3 1.8 0.0 1.7 0.2 0.1 0.2(R) 0.9(R) 0.2 1.8 0.1 2.0

July

0.2 2.1 0.1 1.6 -0.1 -0.1 -0.1 1.0 -0.2 1.6 0.0 2.2

August

0.1 1.7 -0.2 1.3 0.1 0.1 0.2 1.1 0.2 1.7 0.1 2.2

September

0.3 1.6 0.0 1.0 0.2 0.3 0.2 1.0 0.5 2.1 0.4 2.0

October

-0.6 1.1 -0.2 1.3 -0.1 0.4 0.1 1.2 -0.2 1.8 -0.1 2.0

November

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

December

0.0 1.5 -0.5 0.3 -0.4 0.7 0.1 2.1 0.1 1.6

Footnotes:
(R) = revised.

CPI-W

In October, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 269.879, down 0.2 percent over the month. The CPI-W rose 2.0 percent over the year.

The November 2018 Consumer Price Index for New York-Newark-Jersey City is scheduled to be released on Wednesday, December 12, 2018, 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 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.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods, New York-Newark-Jersey City, NY-NJ-PA, not seasonally adjusted
(1982-84=100 unless otherwise noted)
Item and Group Indexes Percent change from-
Aug.
2018
Sept.
2018
Oct.
2018
Oct.
2017
Aug.
2018
Sept.
2018

Expenditure category

All items

274.441 275.455 275.101 2.0 0.2 -0.1

All items (1967=100)

793.370 796.303 795.280      

Food and beverages

267.351 269.321 268.054 2.2 0.3 -0.5

Food

267.423 269.323 267.978 2.2 0.2 -0.5

Food at home

256.820 259.499 257.363 1.6 0.2 -0.8

Cereals and bakery products

304.336 308.903 296.814   -2.5 -3.9

Meats, poultry, fish, and eggs

253.685 253.060 254.372   0.3 0.5

Dairy and related products

224.308 225.880 228.127   1.7 1.0

Fruits and vegetables

325.772 329.982 327.795   0.6 -0.7

Nonalcoholic beverages and beverage materials(1)

249.937 254.493 252.442   1.0 -0.8

Other food at home

226.603 230.264 227.388   0.3 -1.2

Food away from home

289.699 290.532 290.286 2.9 0.2 -0.1

Alcoholic beverages

261.847 264.753 264.580 2.8 1.0 -0.1

Housing

298.629 299.187 299.024 2.3 0.1 -0.1

Shelter

377.549 378.195 378.368 2.0 0.2 0.0

Rent of primary residence

390.007 389.528 391.085 1.8 0.3 0.4

Owners' equivalent rent of residences(2)

385.278 385.570 386.618 2.3 0.3 0.3

Owners' equivalent rent of primary residence(2)

384.801 385.092 386.139 2.3 0.3 0.3

Fuels and utilities

199.521 199.839 196.518 6.5 -1.5 -1.7

Household energy

191.280 191.627 188.009 6.9 -1.7 -1.9

Energy services

180.764 180.701 175.830 4.4 -2.7 -2.7

Electricity

185.081 188.233 182.879 4.9 -1.2 -2.8

Utility (piped) gas service

163.643 158.616 154.772 4.0 -5.4 -2.4

Household furnishings and operations

107.994 108.445 109.369 0.5 1.3 0.9

Apparel

127.486 131.878 129.684 -0.9 1.7 -1.7

Transportation

223.356 222.138 223.267 3.7 0.0 0.5

Private transportation

211.863 210.363 210.526 4.5 -0.6 0.1

New and used motor vehicles(3)

91.934 89.504 89.117   -3.1 -0.4

New vehicles(1)

199.778 200.860 202.076   1.2 0.6

Used cars and trucks(1)

271.128 259.428 261.472   -3.6 0.8

Motor fuel

237.097 236.359 236.304 12.6 -0.3 0.0

Gasoline (all types)

236.021 235.281 235.198 12.6 -0.3 0.0

Gasoline, unleaded regular(4)

235.409 234.643 234.450 12.9 -0.4 -0.1

Gasoline, unleaded midgrade(4)(5)

242.456 242.175 242.481 11.1 0.0 0.1

Gasoline, unleaded premium(4)

242.278 241.653 242.405 10.3 0.1 0.3

Motor vehicle insurance(1)

739.734 749.008 757.522   2.4 1.1

Medical care

484.875 491.881 494.226 3.0 1.9 0.5

Recreation(3)

122.693 122.709 121.709 0.0 -0.8 -0.8

Education and communication(3)

142.861 143.590 142.845 0.4 0.0 -0.5

Tuition, other school fees, and child care(1)

1,191.912 1,196.632 1,190.756   -0.1 -0.5

Other goods and services

431.587 432.152 430.881 1.6 -0.2 -0.3

Commodity and service group

All items

274.441 275.455 275.101 2.0 0.2 -0.1

Commodities

192.509 193.490 193.314 2.4 0.4 -0.1

Commodities less food and beverages

146.847 147.318 147.651 2.6 0.5 0.2

Nondurables less food and beverages

190.418 191.625 191.513 3.7 0.6 -0.1

Durables

92.276 91.913 92.724 -0.1 0.5 0.9

Services

343.969 345.056 344.563 2.0 0.2 -0.1

Special aggregate indexes

All items less medical care

265.302 266.057 265.586 2.0 0.1 -0.2

All items less shelter

233.643 234.836 234.245 2.1 0.3 -0.3

Commodities less food

151.206 151.753 152.073 2.6 0.6 0.2

Nondurables

230.746 232.339 231.681 2.9 0.4 -0.3

Nondurables less food

194.829 196.132 196.016 3.6 0.6 -0.1

Services less rent of shelter(2)

318.480 320.090 318.839 1.9 0.1 -0.4

Services less medical care services

332.156 332.635 332.007 1.8 0.0 -0.2

Energy

211.412 211.348 209.046 9.4 -1.1 -1.1

All items less energy

282.470 283.598 283.435 1.6 0.3 -0.1

All items less food and energy

287.031 288.048 288.066 1.5 0.4 0.0

Footnotes
(1) Indexes on a December 1977=100 base.
(2) Indexes on a December 1982=100 base.
(3) Indexes on a December 1997=100 base.
(4) Special index based on a substantially smaller sample.
(5) Indexes on a December 1993=100 base.

 

Last Modified Date: Wednesday, November 14, 2018