Prices in the New York-Newark-Jersey City area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 1.0 percent in January, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner William J. Sibley noted that the January increase was influenced by higher prices for items other than food and energy, including shelter. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)

Over the year, the New York area all items CPI-U increased 3.1 percent. (See chart 1 and table A.) The all items less food and energy index rose 3.7 percent, while food prices increased 2.3 percent. In contrast, the energy index fell 2.3 percent. (See table 1.)

  

View Chart Data

Chart 1. Over-the-year percent change in CPI-U, New York-Newark-Jersey City, NY-NJ-PA, January 2021–January 2024

Month	All items	All items less food and energy
Jan 2021	1.2	1.2
Feb 2021	1.4	0.9
Mar 2021	2.0	1.4
Apr 2021	3.2	2.6
May 2021	3.2	2.5
Jun 2021	4.1	3.7
Jul 2021	3.5	2.7
Aug 2021	3.7	2.6
Sep 2021	3.8	2.5
Oct 2021	4.3	2.8
Nov 2021	5.0	3.4
Dec 2021	4.4	3.0
Jan 2022	5.1	3.3
Feb 2022	5.1	4.0
Mar 2022	6.1	4.1
Apr 2022	6.3	4.4
May 2022	6.3	3.6
Jun 2022	6.7	4.1
Jul 2022	6.5	4.2
Aug 2022	6.6	4.6
Sep 2022	6.2	5.0
Oct 2022	6.0	4.9
Nov 2022	5.9	4.5
Dec 2022	6.3	5.4
Jan 2023	6.0	5.7
Feb 2023	6.0	5.6
Mar 2023	4.6	5.1
Apr 2023	3.7	4.4
May 2023	3.5	5.1
Jun 2023	2.5	3.8
Jul 2023	3.2	4.4
Aug 2023	3.5	4.5
Sep 2023	3.7	4.1
Oct 2023	3.5	4.0
Nov 2023	3.0	3.9
Dec 2023	2.9	3.4
Jan 2024	3.1	3.7

Food prices advanced 0.5 percent in January after increasing 0.1 percent in December. A 0.7-percent rise in prices for food at home was accompanied by a 0.3-percent increase in prices for food away from home. Within the at-home component, prices increased in five of the six grocery categories, and were led by nonalcoholic beverages and beverage materials (2.6 percent), including coffee.

From January 2023 to January 2024, the food index rose 2.3 percent. Prices for food away from home increased 5.3 percent, while grocery food prices were up 0.7 percent.

The energy index was up 2.7 percent in January, led by a 6.7-percent increase in household energy prices. Within household energy, prices increased for electricity (9.6 percent), natural gas (2.2 percent), and fuel oil. By contrast, gasoline prices declined 3.4 percent.

For the year ended in January 2024, the New York area energy index fell 2.3 percent. Household energy prices were unchanged, with higher prices for electricity (9.1 percent) offset by a decline in prices for natural gas (-10.6 percent) and fuel oil. Gasoline prices decreased 5.4 percent.

The index for all items less food and energy increased 1.0 percent in January. A 0.6-percent rise in shelter prices included increases in owners’ equivalent rent (0.3 percent), residential rent (0.1 percent), and lodging away from home. Higher prices were also recorded for apparel (6.1 percent) and medical care (2.4 percent). Prices for new and used motor vehicles, including leased cars and trucks, rose 2.8 percent. On the other hand, recreation prices decreased 1.9 percent.

Over the year, the index for all items less food and energy increased 3.7 percent. Shelter prices rose 5.3 percent, with increases of 5.7 percent for owners’ equivalent rent and 4.6 percent for residential rent. Prices for recreation (3.6 percent) and new and used motor vehicles (2.5 percent) also contributed to the annual change. In contrast, medical care was down 1.3 percent compared to last January.

The Consumer Price Index for February 2024 is scheduled to be released on Tuesday, March 12, 2024, at 8:30 a.m. (ET).

The Consumer Price Index for New York is published monthly. 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 U.S. population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 29 percent of the total U.S. 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 6,000 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; for most of the CPI-U the reference base is 1982-84 equals 100. An increase of 7 percent from the reference base, for example, is shown as 107.000.  Alternatively, that relationship can also be expressed as the price of a base period market basket of goods and services rising from $100 to $107. For further details see the CPI home page on the internet at www.bls.gov/cpi and the CPI section of the BLS Handbook of Methods available on the internet at www.bls.gov/opub/hom/cpi/.

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, NY-NJ-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.

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