The Consumer Price Index for All Urban Consumers (CPI-U) for Tampa-St. Petersburg-Clearwater rose 1.7 percent from March to May, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Victoria G. Lee noted the index for all items less food and energy increased 1.8 percent over the bi-monthly period. The energy index and the food index also increased from March to May, up 3.1 percent and 0.7 percent, respectively. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect the impact of seasonal influences.)

The all items CPI-U advanced 7.3 percent for the 12 months ending in May. The index for all items less food and energy increased 9.0 percent over the past year. The food index continued to rise, up 7.5 percent over the last 12 months. In contrast, the energy index fell 9.7 percent over the past year. (See chart 1 and table 1.)

  

View Chart Data

Chart 1. Over-the-year percent change in CPI-U, Tampa-St. Petersburg-Clearwater, FL, May 2020–May 2023

Month	All items	All items less food and energy
May 2020	0.9	2.0
Jul 2020	1.8	2.5
Sep 2020	3.3	3.6
Nov 2020	3.2	3.5
Jan 2021	3.4	3.3
Mar 2021	4.9	4.3
May 2021	6.2	5.2
Jul 2021	6.6	5.7
Sep 2021	6.1	5.3
Nov 2021	8.0	6.7
Jan 2022	9.6	9.0
Mar 2022	10.2	8.8
May 2022	11.3	9.9
Jul 2022	11.2	10.1
Sep 2022	10.5	10.1
Nov 2022	9.6	9.7
Jan 2023	8.9	8.7
Mar 2023	7.7	9.3
May 2023	7.3	9.0

The food index rose 0.7 percent from March to May, reflecting a 1.7-percent increase in the food away from home index. The food at home index declined 0.1 percent over the bi-monthly period. Four of the six major grocery store food group indexes decreased over the bi-monthly period, including other food at home (-2.6 percent) and dairy and related products (-1.6 percent).  

The food index advanced 7.5 percent for the 12 months ending in May, led by a 11.6-percent increase in the food away from home index. The food at home index rose 4.6 percent over the past year as all six major grocery store food group indexes continued to increase over the year.

The energy index rose 3.1 percent from March to May, reflecting increases in the gasoline (+3.7 percent) and electricity (+3.2 percent) indexes. The natural gas index declined 8.2 percent over the bi-monthly period.  

The energy index fell 9.7 percent for the 12 months ending in May, led by a 21.5-percent decrease in the gasoline index. The natural gas index declined 8.4 percent over the past year, while the electricity index rose 10.7 percent.

The index for all items less food and energy increased 1.8 percent from March to May. The shelter index increased 1.0 percent over the bi-monthly period, primarily reflecting a 1.3-percent increase in the owners’ equivalent rent index; the index for rent of primary residence rose 0.9 percent. Medical care (+3.9 percent), education and communication (+4.8 percent), and used cars and trucks (+8.4 percent) were also among the indexes to increase over the bi-monthly period.

The index for all items less food and energy advanced 9.0 percent for the 12 months ending in May, primarily reflecting a 13.9-percent increase in the shelter index. Within shelter, owners’ equivalent rent rose 15.3 percent over the past year and rent of primary residence increased 13.5 percent.

The Consumer Price Index for June 2023 is scheduled to be released on Wednesday, July 12, 2023, at 8:30 a.m. (ET).

The Consumer Price Index for Tampa 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 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, 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 Tampa-St. Petersburg-Clearwater, FL Core Based Statistical Area includes Hernando, Hillsborough, Pasco, and Pinellas Counties.

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