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News Release Information

24-1139-BOS
Wednesday, June 12, 2024

Contacts Technical information: Media contact:
  • (617) 565-4141

Consumer Price Index, New York-Newark-Jersey City – May 2024

Area prices up 0.4 percent over the past month; up 3.9 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), rose 0.4 percent for the third consecutive month in May, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner William J. Sibley attributed the May increase to higher prices for shelter. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U advanced 3.9 percent. (See chart 1 and table A). The index for all items less food and energy rose 4.0 percent over the year. Energy prices advanced 8.2 percent, and food prices rose 2.0 percent. (See table 1.)

Food

Food prices declined 0.3 percent in May, after a 0.7-percent increase in April. Food-at-home fell 0.8 percent, with lower prices reported in five of the six grocery categories including cereals and bakery products (-3.7 percent), fruits and vegetables (-1.8 percent), and dairy and related products (-1.9 percent). Prices for food away from home increased 0.4 percent.

From May 2023 to May 2024, food prices rose 2.0 percent. Prices for food away from home increased 4.2 percent, and prices for food at home rose 0.8 percent.

Energy

The energy index rose 0.2 percent in May, following a 0.3-percent rise in April. Gasoline prices, up 3.6 percent, drove the increase. Declines in household energy prices—including a decrease in electricity prices (-2.5 percent), natural gas prices (-0.4 percent), and declines in prices for fuel oil—partially offset the increases.

Over the year, energy prices advanced 8.2 percent, led by a 10.7-percent rise in household energy prices. Prices increased for electricity (15.3 percent), natural gas (3.7 percent), and fuel oil. Gasoline prices rose 3.0 percent.

All items less food and energy

The index for all items less food and energy rose 0.5 percent in May. Shelter prices rose 1.2 percent, with owners’ equivalent rent increasing 1.8 percent—the largest monthly increase since February 1994. Residential rent rose 0.4 percent. Additionally, prices rose for recreation (1.3 percent) and new and used motor vehicles (0.4 percent). The May increases were partially offset by declines in prices for motor vehicle insurance, other goods and services (-1.6 percent), airline fares, and household furnishings and operations (-0.7 percent).

For the year ended in May 2024, the index for all items less food and energy advanced 4.0 percent, led by a 5.8-percent increase in shelter prices. Within shelter, owners’ equivalent rent increased 7.0 percent, and residential rent rose 4.4 percent. Prices were also up for motor vehicle insurance and recreation (6.3 percent). Partly offsetting the increases were declines in medical care prices (-1.6 percent), used cars and trucks (-8.6 percent), and apparel (-2.8 percent).

Table A. New York-Newark-Jersey City, NY-NJ-PA, CPI-U 1-month and 12-month percent changes, all items index, not seasonally adjusted
Month 2020 2021 2022 2023 2024
1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month

January

0.8 2.5 0.4 1.2 1.1 5.1 0.8 6.0 1.0 3.1

February

0.2 2.4 0.3 1.4 0.3 5.1 0.4 6.0 0.2 2.9

March

-0.2 2.0 0.4 2.0 1.3 6.1 -0.1 4.6 0.4 3.4

April

-0.5 1.1 0.7 3.2 0.9 6.3 0.1 3.7 0.4 3.8

May

0.5 1.4 0.5 3.2 0.5 6.3 0.2 3.5 0.4 3.9

June

0.1 1.3 1.0 4.1 1.4 6.7 0.4 2.5

July

0.5 1.7 -0.1 3.5 -0.3 6.5 0.4 3.2

August

-0.1 1.4 0.1 3.7 0.2 6.6 0.6 3.5

September

0.4 1.9 0.5 3.8 0.2 6.2 0.4 3.7

October

-0.2 1.7 0.3 4.3 0.1 6.0 -0.1 3.5

November

-0.3 1.4 0.3 5.0 0.2 5.9 -0.2 3.0

December

0.4 1.6 -0.2 4.4 0.2 6.3 0.1 2.9

The Consumer Price Index for June 2024 is scheduled to be released on Thursday, July 11, 2024, at 8:30 a.m. (ET).


Technical Note

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.

Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: 202-691-5200; Telecommunications Relay Service: 7-1-1.

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
2024
April
2024
May
2024
May
2023
March
2024
April
2024

Expenditure category

All items

329.829 331.270 332.633 3.9 0.9 0.4

All items (1967=100)

953.490 957.656 961.597      

Food and beverages

334.882 337.188 336.195 1.9 0.4 -0.3

Food

336.438 338.799 337.816 2.0 0.4 -0.3

Food at home

315.211 318.325 315.821 0.8 0.2 -0.8

Cereals and bakery products

378.797 390.038 375.430 -2.0 -0.9 -3.7

Meats, poultry, fish, and eggs

316.246 318.848 318.134 2.8 0.6 -0.2

Dairy and related products

267.880 275.492 270.367 2.4 0.9 -1.9

Fruits and vegetables

370.866 378.868 371.873 -2.1 0.3 -1.8

Nonalcoholic beverages and beverage materials(1)

323.057 316.994 316.656 1.6 -2.0 -0.1

Other food at home

285.091 284.545 288.399 1.8 1.2 1.4

Food away from home

378.338 379.415 381.079 4.2 0.7 0.4

Alcoholic beverages

307.470 308.867 307.713 0.6 0.1 -0.4

Housing

357.462 358.151 361.040 5.9 1.0 0.8

Shelter

447.121 448.643 453.975 5.8 1.5 1.2

Rent of primary residence

456.832 458.160 460.059 4.4 0.7 0.4

Owners' equivalent rent of residences(2)

459.528 460.815 469.120 7.0 2.1 1.8

Owners' equivalent rent of primary residence(2)

458.959 460.245 468.539 7.0 2.1 1.8

Fuels and utilities

258.306 251.853 247.851 9.6 -4.0 -1.6

Household energy

249.165 242.057 237.380 10.7 -4.7 -1.9

Energy services

236.024 228.703 224.482 11.3 -4.9 -1.8

Electricity

236.379 229.935 224.137 15.3 -5.2 -2.5

Utility (piped) gas service

220.675 212.078 211.229 3.7 -4.3 -0.4

Household furnishings and operations

134.025 135.811 134.805 2.6 0.6 -0.7

Apparel

133.315 132.696 132.355 -2.8 -0.7 -0.3

Transportation

280.719 287.846 288.572 4.9 2.8 0.3

Private transportation

279.701 285.818 287.765 5.6 2.9 0.7

New and used motor vehicles(3)

124.573 125.470 126.021 2.2 1.2 0.4

New vehicles(1)

258.993 259.156 258.977 -0.2 0.0 -0.1

Used cars and trucks(1)

355.028 354.344 355.058 -8.6 0.0 0.2

Motor fuel

266.676 281.550 291.573 3.0 9.3 3.6

Gasoline (all types)

265.490 280.332 290.340 3.0 9.4 3.6

Gasoline, unleaded regular(4)

261.886 277.321 287.493 2.9 9.8 3.7

Gasoline, unleaded midgrade(4)(5)

285.829 298.501 308.766 3.8 8.0 3.4

Gasoline, unleaded premium(4)

294.053 306.060 315.437 3.9 7.3 3.1

Medical care

565.162 557.522 558.999 -1.6 -1.1 0.3

Recreation(3)

150.882 151.709 153.730 6.3 1.9 1.3

Education and communication(3)

159.968 159.711 159.899 0.5 0.0 0.1

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

1,365.942 1,365.942 1,370.514 1.2 0.3 0.3

Other goods and services

508.030 506.718 498.589 2.3 -1.9 -1.6

Commodity and service group

All items

329.829 331.270 332.633 3.9 0.9 0.4

Commodities

226.233 227.719 227.286 0.6 0.5 -0.2

Commodities less food and beverages

163.834 164.865 164.703 -0.5 0.5 -0.1

Nondurables less food and beverages

206.299 208.281 208.209 0.2 0.9 0.0

Durables

110.529 110.768 110.570 -1.2 0.0 -0.2

Services

417.493 418.899 421.773 5.5 1.0 0.7

Special aggregate indexes

All items less medical care

319.496 321.263 322.615 4.4 1.0 0.4

All items less shelter

282.919 284.335 284.056 2.7 0.4 -0.1

Commodities less food

169.088 170.138 169.950 -0.4 0.5 -0.1

Nondurables

271.422 273.576 273.045 1.1 0.6 -0.2

Nondurables less food

212.351 214.307 214.177 0.2 0.9 -0.1

Services less rent of shelter(2)

397.522 398.830 398.835 5.0 0.3 0.0

Services less medical care services

402.787 404.743 407.665 6.2 1.2 0.7

Energy

260.297 261.118 261.744 8.2 0.6 0.2

All items less energy

339.302 340.808 342.242 3.7 0.9 0.4

All items less food and energy

342.211 343.578 345.445 4.0 0.9 0.5

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, June 12, 2024