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News Release Information

24-508-ATL
Tuesday, March 12, 2024

Contacts Technical information: Media contact:
  • (404) 893-4220

Consumer Price Index, Miami-Fort Lauderdale-West Palm Beach — February 2024

Area prices up 4.9 percent over the past 12 months

The Consumer Price Index for All Urban Consumers (CPI-U) for Miami-Fort Lauderdale-West Palm Beach rose 1.4 percent from December to February, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Victoria G. Lee noted that the shelter index continued to rise from December to February and was a major contributor to the bi-monthly all items increase. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect the impact of seasonal influences.)

The all items CPI-U increased 4.9 percent for the 12 months ending in February. (See chart 1 and table A.) The index for all items less food and energy advanced 5.8 percent over the past year. The food index continued to increase, up 0.9 percent over the last 12 months. In contrast, the energy index declined 0.2 percent over the past year. (See table 1.)


Food

The food index increased 0.5 percent from December to February, reflecting a 0.8-percent increase in the food at home index. Four of the six major grocery store food group indexes increased over the bi-monthly period, led by increases in the nonalcoholic beverages and beverage materials (+5.8 percent) and dairy and related products (+5.1 percent) indexes. The index for food away from home declined 0.3 percent from December to February. 

The food index increased 0.9 percent for the 12 months ending in February. The index for food away from home rose 3.8 percent over the past year. In contrast, the index for food at home declined 0.1 percent over the past year, reflecting declines in the indexes for other food at home (-2.0 percent) and dairy and related products (-5.3 percent).

Energy

The energy index increased 3.4 percent from December to February, primarily due to a 6.9-percent rise in the gasoline index. The natural gas index increased 2.2 percent over the two-month period, while the electricity index declined 0.6 percent from December to February.  

The energy index declined 0.2 percent for the 12 months ending in February, led by a 4.0-percent fall in the gasoline index. In comparison, the index for electricity rose 3.8 percent over the past year, while the index for natural gas increased 8.4 percent over that period.

All items less food and energy

The index for all items less food and energy rose 1.3 percent from December to February, led by a 0.9-percent increase in the shelter index. Within shelter, owners’ equivalent rent increased 1.0 percent over the bi-monthly period and rent of primary residence increased 1.1 percent. Other indexes that increased over the bi-monthly period include recreation (+3.5 percent) and apparel (+5.2 percent).

The index for all items less food and energy advanced 5.8 percent for the 12 months ending in February. Shelter (+7.4 percent) was the largest contributor as owners’ equivalent (+7.5 percent) and rent of primary residence (+8.2 percent) continued to increase over the past year.

Table A. Miami-Fort Lauderdale-West Palm Beach, FL, CPI-U 2-month and 12-month percent changes, all items index, not seasonally adjusted
Month 2020 2021 2022 2023 2024
2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month

February

0.4 1.4 0.8 1.4 2.8 9.3 2.1 9.2 1.4 4.9

April

-1.0 -0.5 1.6 4.1 1.5 9.1 1.4 9.0

June

0.7 0.7 1.6 5.1 2.5 10.1 0.5 6.9

August

1.0 1.4 0.2 4.2 0.4 10.2 1.2 7.8

October

0.1 1.0 1.5 5.7 0.9 9.6 0.5 7.4

December

-0.2 1.1 1.2 7.1 1.4 9.9 -0.2 5.7

The Miami-Fort Lauderdale-West Palm Beach Consumer Price Index for April 2024 is scheduled to be released on Wednesday, May 15, 2024, at 8:30 a.m. (ET).


Technical Note

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 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 Miami-Fort Lauderdale-West Palm Beach, FL Core Based Statistical Area is comprised of Broward County, Miami-Dade County, and Palm Beach County.

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

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods
Miami-Fort Lauderdale-West Palm Beach, FL (1982-84=100 unless otherwise noted)
Item and Group

Indexes Percent change from-
Dec.
2023
Jan.
2024
Feb.
2024
Feb.
2023
Dec.
2023
Jan.
2024

Expenditure category

All Items

340.459 - 345.151 4.9 1.4 -

All items (November 1977=100)

548.772 - 556.336 - - -

Food and beverages

319.209 - 321.040 1.5 0.6 -

Food

326.486 - 328.046 0.9 0.5 -

Food at home

305.719 304.770 308.299 -0.1 0.8 1.2

Cereals and bakery products

392.296 403.000 403.589 0.8 2.9 0.1

Meats, poultry, fish, and eggs

300.841 296.402 297.098 0.1 -1.2 0.2

Dairy and related products

245.284 265.830 257.677 -5.3 5.1 -3.1

Fruits and vegetables

346.460 339.011 346.741 0.5 0.1 2.3

Nonalcoholic beverages and beverage materials(1)

305.507 310.954 323.201 5.7 5.8 3.9

Other food at home

258.833 250.034 254.948 -2.0 -1.5 2.0

Food away from home

366.056 - 364.791 3.8 -0.3 -

Alcoholic beverages

227.067 - 230.850 8.8 1.7 -

Housing

386.477 - 389.125 6.7 0.7 -

Shelter

451.181 452.152 455.451 7.4 0.9 0.7

Rent of primary residence

448.260 448.830 453.116 8.2 1.1 1.0

Owners' equiv. rent of residences(2)

454.093 455.621 458.558 7.5 1.0 0.6

Owners' equiv. rent of primary residence(2)

454.093 455.621 458.558 7.5 1.0 0.6

Fuels and utilities

232.455 - 232.856 4.2 0.2 -

Household energy

204.134 202.882 203.335 3.6 -0.4 0.2

Energy services

200.712 199.415 199.713 3.9 -0.5 0.1

Electricity

196.712 195.271 195.600 3.8 -0.6 0.2

Utility (piped) gas service

234.805 241.352 239.928 8.4 2.2 -0.6

Household furnishings and operations

199.448 - 196.705 1.4 -1.4 -

Apparel

162.093 - 170.497 8.4 5.2 -

Transportation

270.977 - 281.906 3.6 4.0 -

Private transportation

283.210 - 294.587 4.2 4.0 -

New and used motor vehicles(3)

128.975 - 131.262 -0.2 1.8 -

New vehicles(1)

283.249 - 282.877 -0.4 -0.1 -

Used cars and trucks(1)

385.838 - 372.460 -2.5 -3.5 -

Motor fuel

278.773 283.687 297.756 -4.2 6.8 5.0

Gasoline (all types)

275.396 280.409 294.496 -4.0 6.9 5.0

Unleaded regular(4)

270.647 276.070 290.456 -4.1 7.3 5.2

Unleaded midgrade(4)(5)

279.152 281.333 293.215 -2.7 5.0 4.2

Unleaded premium(4)

302.284 304.675 316.705 -2.3 4.8 3.9

Medical Care

608.435 - 608.574 0.1 0.0 -

Recreation(3)

136.612 - 141.384 6.9 3.5 -

Education and communication(3)

133.791 - 134.751 0.2 0.7 -

Tuition, other school fees, and child care(1)

1,135.772 - 1,150.130 5.9 1.3 -

Other goods and services

467.257 - 459.229 2.0 -1.7 -

Commodity and service group

All Items

340.459 - 345.151 4.9 1.4 -

Commodities

241.379 - 244.134 0.9 1.1 -

Commodities less food & beverages

196.172 - 199.083 0.5 1.5 -

Nondurables less food & beverages

234.167 - 241.629 1.2 3.2 -

Durables

156.269 - 156.384 0.0 0.1 -

Services

415.561 - 421.774 6.6 1.5 -

Special aggregate indexes

All items less medical care

328.559 - 333.352 5.2 1.5 -

All items less shelter

282.229 - 287.027 2.7 1.7 -

Commodities less food

197.873 - 200.826 0.8 1.5 -

Nondurables

278.819 - 283.542 1.4 1.7 -

Nondurables less food

234.006 - 241.118 1.8 3.0 -

Services less rent of shelter(2)

373.072 - 382.092 5.0 2.4 -

Services less medical care services

397.707 - 404.137 7.2 1.6 -

Energy

238.674 240.219 246.860 -0.2 3.4 2.8

All items less energy

351.829 - 356.200 5.3 1.2 -

All items less food and energy

355.810 - 360.607 5.8 1.3 -

Footnotes
(1) Index is on a November 1977=100 base.
(2) Index is on a November 1982=100 base.
(3) Indexes on a December 1997=100 base.
(4) Special index based on a substantially smaller sample.
(5) Indexes on a December 1993=100 base.

- Data not available.
NOTE: Index applies to a month as a whole, not to any specific date. Data not seasonally adjusted.

 

Last Modified Date: Tuesday, March 12, 2024