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Friday, September 16, 2016

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Consumer Price Index, New York-Northern New Jersey – August 2016

Area prices up 0.2 percent over the month and 1.1 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), edged up 0.2 percent in August after inching down 0.1 percent in July, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the rise to higher prices for apparel and shelter that were largely offset by lower 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 was up 1.1 percent. (See table A.)The index for all items less food and energy increased 2.0 percent. (See chart 1.)Higher prices for shelter drove the 12-month change in both indexes. (See table 1.)

Food

The food index remained unchanged in August, following a 0.1-percent decrease in July. Prices for food at home declined 0.1 percent. Breakfast cereal was one of the items with price decreases. Prices for food away from home inched up 0.1 percent.

Over the year, the food index rose 0.2 percent, as a 3.5-percent increase for away-from-home food prices was moderated by a 2.2-percent decline in at-home food prices.

Energy

The energy index fell 2.6 percent over the month, reflecting a 4.5-percent decrease in gasoline prices. Also down were prices for natural gas (-2.0 percent), electricity (-0.8 percent), and fuel oil.

From August 2015 to August 2016, energy prices fell 8.5 percent. Gasoline prices dropped 16.8 percent and household energy prices declined 2.6 percent. Within the household energy category, electricity prices fell 1.6 percent, but natural gas prices edged up 0.2 percent.

All items less food and energy

The index for all items less food and energy rose 0.4 percent in August. A seasonal increase in apparel prices (6.8 percent) was the highest since September 2009. Higher prices for shelter, up 0.3 percent, also contributed to the rise. Within the shelter category, prices rose 0.2 percent for residential rent and 0.3 percent for owners’ equivalent rent. Other categories with higher prices included recreation (0.5 percent) and medical care (0.1 percent).

For the year ended in August 2016, the index for all items less food and energy increased 2.0 percent. Shelter prices rose 3.1 percent, reflecting a 3.4-percent increase in residential rent and a 2.8-percent rise in owners’ equivalent rent. Medical care prices advanced 5.8 percent.

Table A. New York-Northern New Jersey-Long Island CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2011 2012 2013 2014 2015 2016
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

0.3 1.5 0.4 2.8 0.5 2.2 0.9 1.9 0.1 -0.5 0.2 0.8

February

0.5 2.1 0.4 2.6 0.6 2.4 -0.2 1.1 0.3 0.1 0.2 0.6

March

0.7 2.3 0.6 2.6 0.1 1.9 0.4 1.3 0.2 -0.1 0.2 0.7

April

0.4 2.5 0.2 2.4 -0.2 1.4 0.0 1.6 0.1 0.0 0.4 1.0

May

0.6 2.9 0.1 1.8 0.1 1.4 0.5 1.9 0.4 -0.1 0.3 0.9

June

0.2 3.2 -0.1 1.6 0.3 1.8 0.0 1.7 0.2 0.1 0.3 1.0

July

0.3 3.3 -0.2 1.1 0.2 2.1 0.1 1.6 -0.1 -0.1 -0.1 1.0

August

0.4 3.5 0.6 1.4 0.1 1.7 -0.2 1.3 0.1 0.1 0.2 1.1

September

0.2 3.8 0.4 1.6 0.3 1.6 0.0 1.0 0.2 0.3    

October

-0.2 3.3 -0.1 1.7 -0.6 1.1 -0.2 1.3 -0.1 0.4    

November

-0.3 3.0 0.0 2.0 0.1 1.2 -0.4 0.8 -0.2 0.6    

December

-0.4 2.7 -0.3 2.1 0.0 1.5 -0.5 0.3 -0.4 0.7    

CPI-W

In August, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 258.520, up 0.1 percent over the month. The CPI-W rose 1.0 percent over the year.

The September 2016 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Tuesday, October 18, 2016, 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 approximately 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 6,000 housing units and approximately 24,000 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/pdf/homch17.pdf.

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-
June
2016
July
2016
Aug.
2016
Aug.
2015
June
2016
July
2016
 

Expenditure category

 
 

All items

264.022 263.868 264.306 1.1 0.1 0.2

All items (1967=100)

763.251 762.804 764.072      
 

Food and beverages

256.971 256.924 256.834 0.2 -0.1 0.0

Food

256.950 256.755 256.690 0.2 -0.1 0.0

Food at home

250.577 249.377 249.074 -2.2 -0.6 -0.1

Food away from home

272.814 274.078 274.357 3.5 0.6 0.1

Alcoholic beverages

252.875 254.813 254.393 0.4 0.6 -0.2
 

Housing

285.090 285.748 286.282 2.2 0.4 0.2

Shelter

359.395 360.664 361.869 3.1 0.7 0.3

Rent of primary residence (1)

370.763 371.871 372.487 3.4 0.5 0.2

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

365.735 366.273 367.357 2.8 0.4 0.3

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

365.279 365.812 366.890 2.8 0.4 0.3

Fuels and utilities

183.803 184.064 181.737 -1.9 -1.1 -1.3

Household energy

175.657 175.938 173.333 -2.6 -1.3 -1.5

Energy services (1)

171.899 172.243 170.208 -1.1 -1.0 -1.2

Electricity (1)

185.830 185.910 184.396 -1.6 -0.8 -0.8

Utility (piped) gas service (1)

138.137 138.919 136.090 0.2 -1.5 -2.0

Household furnishings and operations

111.832 110.614 110.920 -2.1 -0.8 0.3
 

Apparel

122.904 121.576 129.847 -1.3 5.6 6.8
 

Transportation

213.339 210.150 207.419 -3.9 -2.8 -1.3

Private transportation

196.811 195.538 193.230 -4.3 -1.8 -1.2

Motor fuel

185.700 179.746 171.749 -16.8 -7.5 -4.4

Gasoline (all types)

184.987 179.021 171.030 -16.8 -7.5 -4.5

Gasoline, unleaded regular (3)

183.416 177.012 168.733 -17.4 -8.0 -4.7

Gasoline, unleaded midgrade (3) (4)

195.673 191.900 185.349 -14.3 -5.3 -3.4

Gasoline, unleaded premium (3)

197.842 194.696 188.480 -13.2 -4.7 -3.2
 

Medical care

466.843 472.391 473.045 5.8 1.3 0.1
 

Recreation (5)

119.915 118.985 119.552 0.8 -0.3 0.5
 

Education and communication (5)

142.978 143.003 143.028 1.2 0.0 0.0
 

Other goods and services

414.894 416.559 414.670 2.6 -0.1 -0.5
 

Commodity and service group

 
 

All items

264.022 263.868 264.306 1.1 0.1 0.2

Commodities

185.732 184.711 185.367 -2.1 -0.2 0.4

Commodities less food and beverages

142.144 140.731 141.695 -4.0 -0.3 0.7

Nondurables less food and beverages

177.189 174.843 176.815 -4.7 -0.2 1.1

Durables

96.803 96.416 96.315 -2.6 -0.5 -0.1

Services

330.333 330.834 331.118 2.6 0.2 0.1
 

Special aggregate indexes

 
 

All items less medical care

255.206 254.815 255.244 0.8 0.0 0.2

All items less shelter

226.286 225.552 225.680 -0.1 -0.3 0.1

Commodities less food

146.341 145.025 145.951 -3.8 -0.3 0.6

Nondurables

218.540 217.259 218.273 -1.9 -0.1 0.5

Nondurables less food

181.799 179.701 181.535 -4.3 -0.1 1.0

Services less rent of shelter (2)

309.468 309.160 308.449 2.0 -0.3 -0.2

Services less medical care services

319.635 319.755 320.002 2.3 0.1 0.1

Energy

181.925 179.845 175.157 -8.5 -3.7 -2.6

All items less energy

273.819 273.843 274.765 1.8 0.3 0.3

All items less food and energy

278.609 278.670 279.766 2.0 0.4 0.4

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: Friday, September 16, 2016