News Release Information
Wednesday, September 17, 2014
Consumer Price Index, Miami-Fort Lauderdale – August 2014
Area prices down 0.1 percent over the two months; up 2.4 percent over the year
The Consumer Price Index for All Urban Consumers (CPI-U) for Miami inched down 0.1 percent over the two months, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that prices declined for the energy index and advanced for the food, and all items less food and energy indexes. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)
Over the last 12 months, the CPI-U rose 2.4 percent with annual increases registered in several categories, notably shelter and food. The index for all items less food and energy rose 2.6 percent over the year. (See chart 1.)
Food prices increased 0.8 percent during the July-August pricing period, reflecting price advances for both food away from home (1.1 percent) and food at home (0.6 percent).
From August 2013 to August 2014, the food index increased 3.6 percent as prices rose for both food at home (4.3 percent) and food away from home (2.4 percent).
The energy index decreased 3.7 percent during the two month pricing period, dominated by a 5.8-percent decline in motor fuel prices. Prices also decreased for electricity (-0.6 percent) and utility (piped) gas service (-2.2 percent).
Over the year, the energy index declined 0.8 percent as prices decreased for motor fuel (-4.5 percent). Prices increased over the year for both electricity (4.9 percent), and utility (piped) gas service (7.3 percent).
All items less food and energy
The index for all items less food and energy inched up 0.1 percent over the two months. Price increases for several indexes, including shelter (0.4 percent) and education and communication (1.1 percent), were offset by price declines for apparel (-1.6 percent) and recreation (-0.9 percent).
Over the year, the index for all items less food and energy advanced 2.6 percent, reflecting higher prices for several indexes, most notably shelter (3.7 percent).
The October 2014 Consumer Price Index for Miami-Fort Lauderdale is scheduled to be released on Thursday, November 20, 2014 at 8:30 a.m. (ET).
The Consumer Price Index for Miami is published bi-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 88 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 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 87 urban areas across the country from about 4,000 housing units and approximately 26,000 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 the 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/homch17_a.htm.
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.
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.
|Item and Group||Indexes||Percent change from-|
All items (November 1977=100)
Food and beverages
Food at home
Food away from home
Rent of primary residence (1)
Fuels and utilities
Energy services (1)
Utility (piped) gas service (1)
Household furnishings and operations
Gasoline (all types)
Unleaded regular (3)
Unleaded premium (3)
Education and communication (5)
Other goods and services
Commodity and service group
Commodities less food & beverages
Nondurables less food & beverages
Special aggregate indexes
All items less medical care
All items less shelter
Commodities less food
Nondurables less food
Services less rent of shelter (2)
Services less medical care services
All items less energy
All items less food and energy
- Data not available.
Last Modified Date: Wednesday, September 17, 2014