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Thursday, February 26, 2015

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Consumer Price Index, New York-Northern New Jersey – January 2015

Area prices up 0.1 percent over the month and down 0.5 percent over the year

Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), ticked up 0.1 percent in January, the first increase since July, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli explained that higher prices for apparel and shelter, among other items, were largely offset by falling energy prices. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Over the year, the CPI-U decreased 0.5 percent. (See chart 1 and table A.) The January change was the first over-the-year decline since September 2009. The all items less food and energy index rose 1.3 percent. (See table 1.)

 Chart 1. Over-the-year percent chabge in CPI-U, New York-Northern New Jersey-Long Island, January 2012-January 2015

Food

After a 0.5-percent December rise, the food index inched up 0.1 percent in January, due to a modest increase in prices for a variety of groceries including uncooked beef steaks. Prices for food away from home were unchanged.

For the year ending in January, the food index advanced 3.3 percent, reflecting increases of 3.5 percent for at-home food and 3.0 percent for away-from-home food.

Energy

The energy index fell 5.2 percent, marking the seventh consecutive one-month decline, the longest stretch of declines in the history of the series which began in 1978. Gasoline prices dropped 16.7 percent in January, the largest decline recorded in over six years. Prices for household energy, on the other hand, increased—a rise in electricity prices (7.3 percent) outweighed declines in prices for natural gas (-0.2 percent) and fuel oil.

From January 2014 to January 2015, the energy index dropped 23.2 percent, the largest 12-month decline since July 2009. Prices for gasoline fell 34.0 percent, and prices for household energy were down 15.3 percent, with declines in natural gas (-18.8 percent) and in electricity (-10.7 percent).

All items less food and energy

The index for all items less food and energy increased 0.6 percent, after declining in both November and December. Apparel prices jumped 4.5 percent. Shelter prices rose 0.4 percent, reflecting increases in owners’ equivalent rent (0.4 percent), residential rent (0.1 percent), and out-of-town lodging. Medical care prices advanced 0.7 percent, with higher charges for hospital services. Increases were also reported for recreation, household furnishings and operations, education and communication, and other goods and services.

Over the year, the index for all items less food and energy increased 1.3 percent, primarily due to higher prices for shelter (1.9 percent). Within shelter, residential rent rose 2.7 percent, and owners’ equivalent rent increased 1.7 percent. Medical care prices advanced 4.0 percent, and apparel prices rose 2.1 percent. These increases were tempered by declines in household furnishings and operations (-3.1 percent) and in recreation (-1.2 percent).

Table A. New York-Northern New Jersey-Long Island CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2010 2011 2012 2013 2014 2015
1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month 1-month 12-month

January

0.2 2.4 0.3 1.5 0.4 2.8 0.5 2.2 0.9 1.9 0.1 -0.5

February

0.0 1.8 0.5 2.1 0.4 2.6 0.6 2.4 -0.2 1.1    

March

0.5 2.1 0.7 2.3 0.6 2.6 0.1 1.9 0.4 1.3    

April

0.2 2.1 0.4 2.5 0.2 2.4 -0.2 1.4 0.0 1.6    

May

0.2 2.2 0.6 2.9 0.1 1.8 0.1 1.4 0.5 1.9    

June

-0.1 1.5 0.2 3.2 -0.1 1.6 0.3 1.8 0.0 1.7    

July

0.1 1.5 0.3 3.3 -0.2 1.1 0.2 2.1 0.1 1.6    

August

0.2 1.4 0.4 3.5 0.6 1.4 0.1 1.7 -0.2 1.3    

September

0.0 1.2 0.2 3.8 0.4 1.6 0.3 1.6 0.0 1.0    

October

0.2 1.5 -0.2 3.3 -0.1 1.7 -0.6 1.1 -0.2 1.3    

November

0.0 1.3 -0.3 3.0 0.0 2.0 0.1 1.2 -0.4 0.8    

December

0.0 1.4 -0.4 2.7 -0.3 2.1 0.0 1.5 -0.5 0.3    

CPI-W

In January, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 253.159, virtually unchanged over the month. The CPI-W decreased 0.9 percent over the year.

The February 2015 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Tuesday, March 24, 2015, at 8:30 a.m. (ET).


Technical Note

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 89 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 28 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 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.

The New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. consolidated area covered in this release is comprised of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.

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.

 

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods, New York-Northern N.J.-Long Island, NY-NJ-CT-PA (1982-84=100 unless otherwise noted)(not seasonally adjusted)
Item and Group Indexes Percent change from-
Nov.
2014
Dec.
2014
Jan.
2015
Jan.
2014
Nov.
2014
Dec.
2014
 

Expenditure category

 
 

All items

259.382 258.080 258.376 -0.5 -0.4 0.1

All items (1967=100)

749.838 746.075 746.929      
 

Food and beverages

253.418 254.535 254.693 3.1 0.5 0.1

Food

253.417 254.599 254.757 3.3 0.5 0.1

Food at home

252.159 254.284 254.533 3.5 0.9 0.1

Food away from home

261.856 261.767 261.803 3.0 0.0 0.0

Alcoholic beverages

249.033 249.137 249.294 1.2 0.1 0.1
 

Housing

275.897 275.669 277.285 -0.1 0.5 0.6

Shelter

343.026 343.223 344.560 1.9 0.4 0.4

Rent of primary residence (1)

352.808 353.288 353.748 2.7 0.3 0.1

Owners' equivalent rent of residences (1) (2)

350.049 350.289 351.598 1.7 0.4 0.4

Owners' equivalent rent of primary residence (1) (2)

349.743 349.995 351.300 1.7 0.4 0.4

Fuels and utilities

191.727 190.016 194.972 -13.2 1.7 2.6

Household energy

185.559 183.641 189.154 -15.3 1.9 3.0

Energy services (1)

171.794 171.750 180.786 -12.9 5.2 5.3

Electricity (1)

187.631 183.943 197.380 -10.7 5.2 7.3

Utility (piped) gas service (1)

134.524 141.971 141.713 -18.8 5.3 -0.2

Household furnishings and operations

115.623 114.892 115.079 -3.1 -0.5 0.2
 

Apparel

126.286 120.119 125.480 2.1 -0.6 4.5
 

Transportation

222.948 216.635 209.251 -8.5 -6.1 -3.4

Private transportation

208.740 204.095 195.404 -9.8 -6.4 -4.3

Motor fuel

239.271 218.993 182.559 -33.9 -23.7 -16.6

Gasoline (all types)

238.151 217.925 181.612 -34.0 -23.7 -16.7

Gasoline, unleaded regular (3)

237.446 216.742 179.757 -35.0 -24.3 -17.1

Gasoline, unleaded midgrade (3) (4)

249.065 229.577 194.816 -30.2 -21.8 -15.1

Gasoline, unleaded premium (3)

246.439 228.559 196.268 -28.6 -20.4 -14.1
 

Medical care

440.672 442.695 445.916 4.0 1.2 0.7
 

Recreation (5)

118.503 118.468 118.870 -1.2 0.3 0.3
 

Education and communication (5)

140.752 140.791 141.080 0.2 0.2 0.2
 

Other goods and services

398.221 398.052 402.181 0.9 1.0 1.0
 

Commodity and service group

 
 

All items

259.382 258.080 258.376 -0.5 -0.4 0.1

Commodities

191.224 188.449 186.596 -3.3 -2.4 -1.0

Commodities less food and beverages

151.738 147.231 144.503 -8.2 -4.8 -1.9

Nondurables less food and beverages

192.413 184.530 178.828 -11.0 -7.1 -3.1

Durables

99.800 99.096 99.641 -2.4 -0.2 0.5

Services

317.657 317.498 319.497 0.9 0.6 0.6
 

Special aggregate indexes

 
 

All items less medical care

251.455 250.030 250.213 -0.8 -0.5 0.1

All items less shelter

226.583 224.630 224.486 -2.0 -0.9 -0.1

Commodities less food

155.616 151.212 148.550 -7.8 -4.5 -1.8

Nondurables

224.875 221.233 218.283 -3.5 -2.9 -1.3

Nondurables less food

196.078 188.599 183.193 -10.2 -6.6 -2.9

Services less rent of shelter (2)

300.801 300.214 303.072 -0.5 0.8 1.0

Services less medical care services

307.885 307.607 309.528 0.7 0.5 0.6

Energy

208.657 199.698 189.263 -23.2 -9.3 -5.2

All items less energy

266.127 265.547 266.870 1.6 0.3 0.5

All items less food and energy

270.148 269.246 270.787 1.3 0.2 0.6

Footnotes
(1) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator.
(2) Index is on a December 1982=100 base.
(3) Special index based on a substantially smaller sample.
(4) Indexes on a December 1993=100 base.
(5) Indexes on a December 1997=100 base.
 

Note: Index applies to a month as a whole, not to any specific date.
The New York-Northern New Jersey-Long Island, NY-NJ-CT-PA consolidated area comprises the five boroughs of New York City, Nassau, Suffolk, Westchester, Rockland, Putnam, Dutchess, and Orange Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Monmouth, Middlesex, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, New Haven, and Middlesex Counties in Connecticut; and Pike County in Pennsylvania.
 

 

Last Modified Date: Thursday, February 26, 2015