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15-80-ATL
January 16, 2015

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Consumer Price Index, Miami-Fort Lauderdale – December 2014

Area prices down 0.6 percent over the two months; up 1.4 percent over the year

The Consumer Price Index for All Urban Consumers (CPI-U) for Miami decreased 0.6 percent over the two months, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that the energy index decreased 9.6 percent over the November-December pricing period.The all items less food and energy index edged up 0.2 percent, as higher prices for shelter were moderately offset by a decline in prices for apparel. The food index increased 0.5 percent during the two-month pricing period. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Over the last 12 months, the CPI-U rose 1.4 percent with annual increases registered in several categories, including shelter, food, and other goods and services. The index for all items less food and energy advanced 2.3 percent over the year. (See chart 1 and table 1.)

 Chart 1. 12-month percent change in CPI for All Urban Consumers (CPI-U), Miami-Fort Lauderdale, December 2011–December 2014

Food

Food prices increased 0.5 percent during the November-December pricing period led by a 0.8-percent rise in prices for food away from home. Prices for food at home were up 0.4 percent over the two months. Price increases for beef and veal were recorded.

From December 2013 to December 2014, the food index rose 4.3 percent, as prices advanced for both food at home (4.9 percent) and food away from home (3.4 percent).

Energy

The energy index decreased 9.6 percent during the two-month pricing period, reflecting a 17.0-percent decline in motor fuel prices. This was the largest two-month decrease in motor fuels prices since December 2008. Prices for utility (piped) gas service inched up 0.3 percent, while prices for electricity were unchanged during the November-December pricing period.

Over the year, the energy index dropped 10.9 percent as prices fell for motor fuel (-22.1 percent). Prices increased over the year for both electricity (5.4 percent), and utility (piped) gas service (3.1 percent).

All items less food and energy

The index for all items less food and energy edged up 0.2 percent over the two months. Price increases for shelter (1.4 percent) were moderately offset by a seasonal decline in apparel prices (-5.8 percent).

Over the year, the index for all items less food and energy advanced 2.3 percent, reflecting higher prices for several indexes, most notably shelter (3.8 percent), other goods and services (8.7 percent), and medical care (2.5 percent).

Table A. Miami metropolitan area CPI-U 2-month and 12-month percent changes, all items index, not seasonally adjusted
Month

 
2009 2010 2011 2012 2013 2014
2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month

February

1.0 0.7 -0.2 0.9 1.1 2.2 1.0 2.9 1.5 1.9 1.2 1.6

April

0.1 -0.3 0.1 0.9 1.8 4.0 0.9 2.0 -0.2 0.9 0.7 2.5

June

0.3 -1.6 -0.1 0.4 -0.1 4.0 -0.9 1.2 -0.1 1.6 -0.3 2.4

August

-0.1 -1.8 0.2 0.7 0.7 4.5 0.9 1.4 -0.2 0.6 -0.1 2.4

October

0.5 -0.6 0.4 0.5 -0.3 3.8 0.3 2.0 0.6 0.9 0.4 2.2

December

0.2 2.1 0.6 0.9 -0.1 3.1 -0.7 1.4 0.2 1.9 -0.6 1.4

The Consumer Price Index for January 2015 is scheduled to be released on Thursday, February 26, 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 Miami-Fort Lauderdale, Fl. consolidated area covered in this release is comprised of Broward and Date Counties in Florida.

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
Miami-Fort Lauderdale, FL (1982-84=100 unless otherwise noted)
Item and Group

 
Indexes
 
Percent change from-
Oct.
2014
Nov.
2014
Dec.
2014
Dec.
2013
Oct.
2014
Nov.
2014

Expenditure category

 
 

All Items

244.130   242.676 1.4 -0.6  

All items (November 1977=100)

393.504   391.160      

Food and beverages

253.919   255.263 4.1 0.5  

Food

256.269   257.624 4.3 0.5  

Food at home

254.780 253.690 255.697 4.9 0.4 0.8

Food away from home

261.332   263.444 3.4 0.8  

Alcoholic beverages

222.187   223.393 0.9 0.5  

Housing

240.924   243.744 3.6 1.2  

Shelter

269.473 272.830 273.285 3.8 1.4 0.2

Rent of primary residence (1)

259.672 264.096 265.083 5.7 2.1 0.4

Owners' equiv. rent of residences (1) (2)

272.840 274.977 275.600 3.2 1.0 0.2

Owners' equiv. rent of primary residence (1) (2)

272.840 274.977 275.600 3.2 1.0 0.2

Fuels and utilities

177.197   177.095 4.0 -0.1  

Household energy

155.855 142.770 155.742 5.2 -0.1 9.1

Energy services (1)

152.377 139.434 152.390 5.4 0.0 9.3

Electricity (1)

148.798 135.995 148.803 5.4 0.0 9.4

Utility (piped) gas service (1)

210.829 206.363 211.518 3.1 0.3 2.5

Household furnishings and operations

161.724   161.809 0.7 0.1  

Apparel

146.741   138.298 -5.7 -5.8  

Transportation

229.958   215.669 -7.8 -6.2  

Private transportation

232.265   218.636 -7.6 -5.9  

Motor fuel

291.972 267.026 242.314 -22.1 -17.0 -9.3

Gasoline (all types)

288.518 263.831 239.383 -22.2 -17.0 -9.3

Unleaded regular (3)

285.762 260.915 236.282 -22.5 -17.3 -9.4

Unleaded midgrade (3) (4)

277.259 257.170 235.455 -19.1 -15.1 -8.4

Unleaded premium (3)

298.739 275.769 253.919 -18.2 -15.0 -7.9

Medical Care

432.928   434.049 2.5 0.3  

Recreation (5)

114.360   113.868 0.3 -0.4  

Education and communication (5)

127.683   126.602 1.7 -0.8  

Other goods and services

334.469   335.633 8.7 0.3  
 

Commodity and service group

 
 

All Items

244.130   242.676 1.4 -0.6  

Commodities

205.600   199.554 -2.1 -2.9  

Commodities less food & beverages

176.209   166.098 -6.9 -5.7  

Nondurables less food & beverages

216.003   199.260 -9.2 -7.8  

Durables

132.834   130.880 -2.1 -1.5  

Services

274.608   276.400 3.2 0.7  
 

Special aggregate indexes

 
 

All items less medical care

235.617   234.100 1.3 -0.6  

All items less shelter

231.097   226.754 -0.2 -1.9  

Commodities less food

178.250   168.437 -6.6 -5.5  

Nondurables

236.796   229.081 -2.1 -3.3  

Nondurables less food

216.812   200.973 -8.6 -7.3  

Services less rent of shelter (2)

290.382   289.013 2.5 -0.5  

Services less medical care services

262.087   263.919 3.4 0.7  

Energy

214.079 195.928 193.608 -10.9 -9.6 -1.2

All items less energy

247.572   248.259 2.6 0.3  

All items less food and energy

245.912   246.476 2.3 0.2  

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 November 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.
 

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

 

Last Modified Date: Friday, January 16, 2015