Tuesday, August 16, 2016
Gasoline prices averaged $2.286 a gallon in the Miami-Fort Lauderdale area in July 2016, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that area gasoline prices were down 46.6 cents compared to last July when they averaged $2.752 per gallon. Miami area households paid an average of 10.8 cents per kilowatt hour (kWh) of electricity in July 2016, down from 11.6 cents per kWh in July 2015. The average price of utility (piped) gas at $1.427 per therm in July, was less than the $1.518 per therm spent last year. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)
Miami area consumers paid $2.286 a gallon for gasoline in July 2016, similar to the $2.287 paid nationally. A year earlier, consumers in the Miami area paid 4.9 percent less than the national average for a gallon of gas. The average price for a gallon of gasoline in Miami in the month of July has been comparable to the nation in four of the last five years. (See chart 1.)
The 10.8 cents per kWh Miami households paid for electricity in July 2016 was 22.3 percent less than the nationwide average of 13.9 cents per kWh. Last July, electricity costs were 18.3 percent lower in Miami compared to the nation. The local price of electricity in the Miami area in July was at least 14 percent less than the U.S. in each of the last five years. (See chart 2.)
Prices paid by Miami area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.427 per therm, or 53.3 percent higher than the national average in July 2016 ($0.931 per therm). A year earlier, area consumers paid 62.7 percent more per therm for natural gas than the nation.
In each of the last five years, the per therm cost for natural gas in the Miami area exceeded the U.S. average by more than 48 percent in the month of July. (See chart 3.)
The Miami-Fort Lauderdale, Fla., Metropolitan Statistical Area consists of Broward and Miami-Dade Counties in Florida.
The Consumer Price Index for August 2016 is scheduled to be released on Friday, September 16, 2016.
Average prices are estimated from Consumer Price Index (CPI) data for selected commodity series to support the research and analytic needs of CPI data users. Average prices for electricity, utility (piped) gas, and gasoline are published monthly for the U.S. city average, the 4 regions, the 3 population size classes, 10 region/size-class cross-classifications, and the 14 largest local index areas. For electricity, average prices per kilowatt-hour (kWh) are published. For utility (piped) gas, average prices per therm are published. For gasoline, the average price per gallon is published. Average prices for commonly available grades of gasoline are published as well as the average price across all grades.
All eligible prices are converted to a price per normalized quantity. These prices are then used to estimate a price for a defined fixed quantity. The average price per kilowatt-hour represents the total bill divided by the kilowatt-hour usage. The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility (piped) gas.
Information from this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.
|Year and month||Gasoline per gallon||Electricity per kWh||Utility (piped) gas per therm|
|Miami area||United States||Miami area||United States||Miami area||United States|
Last Modified Date: Tuesday, August 16, 2016