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Tuesday, June 12, 2018

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

Area prices up 0.4 percent over the month and 2.2 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), advanced 0.4 percent following a 0.3-percent increase in April, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli primarily attributed the rise to higher prices for energy. (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 2.2 percent. The index for all items less food and energy rose 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

Over the month, food prices inched up 0.1 percent, following a 0.7-percent increase in April. A 0.3-percent decline in prices for food at home largely offset a 0.7-percent advance in prices for food away from home. Among the grocery groups with lower prices in May were cereals and bakery products; nonalcoholic beverages (including carbonated drinks); and meats, poultry, fish, and eggs.

From May 2017 to May 2018, the food index increased 2.3 percent, with prices 3.5 percent higher for food away from home and 1.4 percent higher for food at home.

Energy

Energy prices rose 4.6 percent in May, after a 1.4-percent April increase. Gasoline prices climbed 7.2 percent, following a 5.1-percent jump during the previous month. Household energy price also rose (2.6 percent), in contrast to the category’s April decline. A 4.1-percent increase in prices for natural gas and a 3.0-percent rise in electricity charges contributed to the upturn.

Over the year, the energy index rose 11.0 percent. Gasoline prices in May were 20.4 percent higher than one year earlier, and prices for household energy were 4.9 percent higher. A 9.5-percent rise in natural gas prices contributed the most to the increase in the household energy component.

All items less food and energy

The index for all items less food and energy ticked up 0.1 percent for the second consecutive month. Shelter prices edged up 0.2 percent, led by higher prices for lodging away from home. Residential rent inched up 0.1 percent. Outside of shelter, price increases were recorded for apparel (1.2 percent), for household furnishings and operations (1.1 percent), and for airline fares. Partially offsetting these increases were lower prices for recreation, medical care, and education and communication.

For the year ended in May 2018, the index for all items less food and energy rose 1.5 percent. Shelter prices increased 2.4 percent, which included a 2.5-percent rise in owners’ equivalent rent and a 2.0-percent increase in residential rent. Prices for other goods and services rose 2.4 percent. Additional categories with price increases included medical care (2.2 percent) and apparel (1.1 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

July

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

August

0.1 1.7 -0.2 1.3 0.1 0.1 0.2 1.1 0.2 1.7

September

0.3 1.6 0.0 1.0 0.2 0.3 0.2 1.0 0.5 2.1

October

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

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 May, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 268.986, up 0.4 percent over the month. The CPI-W rose 2.3 percent over the year.

The June 2018 Consumer Price Index for New York-Newark-Jersey City is scheduled to be released Thursday, July 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-
March
2018
April
2018
May
2018
May
2017
March
2018
April
2018

Expenditure category

All items

272.196 272.950 274.001 2.2 0.7 0.4

All items (1967=100)

786.880 789.060 792.098      

Food and beverages

263.637 265.504 265.892 2.3 0.9 0.1

Food

263.802 265.777 266.126 2.3 0.9 0.1

Food at home

253.350 255.712 254.915 1.4 0.6 -0.3

Cereals and bakery products

300.000 304.872 299.737   -0.1 -1.7

Meats, poultry, fish, and eggs

253.558 252.465 249.946   -1.4 -1.0

Dairy and related products

221.533 220.696 221.840   0.1 0.5

Fruits and vegetables

317.788 328.053 328.729   3.4 0.2

Nonalcoholic beverages and beverage materials(1)

248.601 251.067 243.716   -2.0 -2.9

Other food at home

221.633 222.763 227.023   2.4 1.9

Food away from home

285.765 287.238 289.241 3.5 1.2 0.7

Alcoholic beverages

256.930 257.265 258.191 2.0 0.5 0.4

Housing

296.511 296.698 297.999 2.4 0.5 0.4

Shelter

374.763 375.314 375.974 2.4 0.3 0.2

Rent of primary residence(2)

386.926 387.142 387.701 2.0 0.2 0.1

Owners' equivalent rent of residences(2)(3)

380.745 382.310 382.808 2.5 0.5 0.1

Owners' equivalent rent of primary residence(2)(3)

380.273 381.837 382.333 2.5 0.5 0.1

Fuels and utilities

197.098 195.264 199.952 4.6 1.4 2.4

Household energy

189.430 187.432 192.391 4.9 1.6 2.6

Energy services(2)

179.936 177.673 183.784 3.2 2.1 3.4

Electricity(2)

183.366 180.823 186.309 0.2 1.6 3.0

Utility (piped) gas service(2)

164.234 162.534 169.258 9.5 3.1 4.1

Household furnishings and operations

108.345 108.719 109.922 0.0 1.5 1.1

Apparel

129.303 126.845 128.388 1.1 -0.7 1.2

Transportation

218.434 221.455 225.887 4.8 3.4 2.0

Private transportation

205.830 208.199 212.265 6.2 3.1 2.0

New and used motor vehicles(4)

92.746 91.936 91.553   -1.3 -0.4

New vehicles(1)

201.228 201.345 200.867   -0.2 -0.2

Used cars and trucks(1)

269.033 268.043 266.192   -1.1 -0.7

Motor fuel

212.773 223.490 239.617 20.4 12.6 7.2

Gasoline (all types)

211.761 222.458 238.543 20.4 12.6 7.2

Gasoline, unleaded regular(5)

210.760 221.689 238.227 21.1 13.0 7.5

Gasoline, unleaded midgrade(5)(6)

219.574 228.560 242.703 16.5 10.5 6.2

Gasoline, unleaded premium(5)

220.729 229.945 242.850 15.8 10.0 5.6

Motor vehicle insurance(1)

743.892 744.334 744.334   0.1 0.0

Medical care

485.756 486.757 484.483 2.2 -0.3 -0.5

Recreation(4)

123.479 124.256 122.232 -0.9 -1.0 -1.6

Education and communication(4)

141.485 141.425 141.160 -0.6 -0.2 -0.2

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

1,165.931 1,165.931 1,166.194   0.0 0.0

Other goods and services

426.646 427.507 427.744 2.4 0.3 0.1

Commodity and service group

All items

272.196 272.950 274.001 2.2 0.7 0.4

Commodities

190.012 191.125 192.474 2.7 1.3 0.7

Commodities less food and beverages

145.056 145.758 147.465 3.1 1.7 1.2

Nondurables less food and beverages

185.792 187.328 190.758 5.2 2.7 1.8

Durables

93.696 93.446 93.173 -1.4 -0.6 -0.3

Services

341.783 342.330 343.230 2.0 0.4 0.3

Special aggregate indexes

All items less medical care

262.922 263.665 264.860 2.2 0.7 0.5

All items less shelter

231.599 232.455 233.694 2.1 0.9 0.5

Commodities less food

149.309 150.005 151.698 3.0 1.6 1.1

Nondurables

226.448 228.173 230.248 3.6 1.7 0.9

Nondurables less food

190.175 191.650 194.951 5.0 2.5 1.7

Services less rent of shelter(3)

316.911 317.469 318.659 1.5 0.6 0.4

Services less medical care services

329.918 330.311 331.513 1.9 0.5 0.4

Energy

200.928 203.774 213.077 11.0 6.0 4.6

All items less energy

281.025 281.577 281.819 1.6 0.3 0.1

All items less food and energy

285.910 286.247 286.474 1.5 0.2 0.1

Footnotes
(1) Indexes on a December 1977=100 base.
(2) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator.
(3) Indexes on a December 1982=100 base.
(4) Indexes on a December 1997=100 base.
(5) Special index based on a substantially smaller sample.
(6) Indexes on a December 1993=100 base.

Note: Index applies to a month as a whole, not to any specific date.

 

Last Modified Date: Tuesday, June 12, 2018