News Release Information

14–1086–NEW

Tuesday, June 17, 2014

Contacts

Technical information:
Media contact:
  • Martin Kohli (646) 264-3620

Consumer Price Index, New York-Northern New Jersey – May 2014

Area prices up 0.5 percent over the month and up 1.9 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), rose 0.5 percent in May, after no change in April, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the advance to rising prices for energy and shelter. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)

Over the year, the CPI-U rose 1.9 percent, and the index for all items less food and energy increased 1.7 percent. (See table A. ) The 12-month percentage increase in both indexes has been 2.0 percent or less since December 2013. (See chart 1.) Higher prices for shelter drove the 12-month change in both indexes.

Chart 1. Over-the-year percent change in CPI-U, New York-Northern New Jersey-Long Island, May 2011-May 2014

Food

The food index increased 0.7 percent, the largest over-the-month increase in nearly a year. Prices for food at home, which rose 1.1 percent, accounted for most of the upturn, with higher prices reported for ground beef, bacon, citrus fruits, and nonfrozen juices. Prices for food away from home edged up 0.1 percent.

Over the year, the food index increased 2.0 percent. (See table 1.) The 12-month percentage change in prices for food at home was 2.6, compared to a 1.2-percent rise in prices for food away from home.

Energy

The energy index increased 2.0 percent, reversing April’s 1.6-percent decline. The upturn was attributable to a 4.8-percent increase in electricity charges, coupled with a 1.8-percent rise in prices for gasoline. Natural gas prices, on the other hand, declined 1.2 percent.

From May 2013 to May 2014, energy prices rose 3.9 percent, reflecting a 6.3-percent increase in electricity prices, tempered by a 1.8-percent decrease in natural gas prices. Gasoline prices, up 3.6 percent over the year, also contributed to the overall increase in energy prices.

All items less food and energy

The index for all items less food and energy rose 0.3 percent, for a third consecutive increase. Shelter prices advanced 0.4 percent, with residential rent up 0.4 percent and owners’ equivalent rent up 0.2 percent. Prices also increased for medical care (0.9 percent, with higher prices for hospital services), recreation (0.2 percent), and airline fares. Partly offsetting these price rises were declines of 0.6 percent for apparel and 0.1 percent for education and communication.

For the year ended May 2014, the index for all items less food and energy advanced 1.7 percent. Shelter prices increased 3.2 percent—owners’ equivalent rent rose 3.2 percent and residential rent, 3.1 percent. Other expenditure categories posting increases included medical care (3.2 percent), other goods and services (1.2 percent), and education and communication (0.5 percent).

Table A. New York-Northern New Jersey CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2009 2010 2011 2012 2013 2014
Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual

January

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

February

0.5 1.6 0.0 1.8 0.5 2.1 0.4 2.6 0.6 2.4 -0.2 1.1

March

0.2 0.8 0.5 2.1 0.7 2.3 0.6 2.6 0.1 1.9 0.4 1.3

April

0.2 0.8 0.2 2.1 0.4 2.5 0.4 2.4 -0.2 1.4 0.0 1.6

May

0.2 -0.1 0.2 2.2 0.6 2.9 0.1 1.8 0.1 1.4 0.5 1.9

June

0.5 -0.6 -0.1 1.5 0.2 3.2 -0.1 1.6 0.3 1.8    

July

0.2 -1.1 0.1 1.5 0.3 3.3 -0.2 1.1 0.2 2.1    

August

0.3 -0.9 0.2 1.4 0.4 3.5 0.6 1.4 0.1 1.7    

September

0.1 -0.6 0.0 1.2 0.2 3.8 0.4 1.6 0.3 1.6    

October

-0.1 0.0 0.2 1.5 -0.2 3.3 -0.1 1.7 -0.6 1.1    

November

0.2 1.8 0.0 1.3 -0.3 3.0 0.0 2.0 0.1 1.2    

December

-0.1 2.3 0.0 1.4 -0.4 2.7 -0.3 2.1 0.0 1.5    

CPI-W

In May, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 257.145, up 0.5 percent over the month. The CPI-W increased 1.9 percent over the year.

The June 2014 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released on Tuesday, July 22, 2014 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 88 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 29 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 25,000 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-
March
2014
April
2014
May
2014
May
2013
March
2014
April
2014
 

Expenditure category

 
 

All items

259.971 259.985 261.225 1.9 0.5 0.5

All items (1967=100)

751.541 751.579 755.164      
 

Food and beverages

248.545 248.638 250.316 1.8 0.7 0.7

Food

248.359 248.546 250.182 2.0 0.7 0.7

Food at home

248.281 248.529 251.280 2.6 1.2 1.1

Food away from home

255.034 255.141 255.279 1.2 0.1 0.1

Alcoholic beverages

247.041 245.717 247.997 -0.7 0.4 0.9
 

Housing

276.078 275.770 277.037 2.8 0.3 0.5

Shelter

338.359 339.551 340.876 3.2 0.7 0.4

Rent of primary residence (1)

344.819 346.679 347.910 3.1 0.9 0.4

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

345.420 346.374 347.099 3.2 0.5 0.2

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

345.194 346.149 346.870 3.2 0.5 0.2

Fuels and utilities

212.823 204.400 208.303 3.9 -2.1 1.9

Household energy

209.835 200.351 204.676 4.1 -2.5 2.2

Energy services (1)

192.774 183.280 188.695 3.6 -2.1 3.0

Electricity (1)

201.606 185.615 194.583 6.3 -3.5 4.8

Utility (piped) gas service (1)

169.322 173.435 171.402 -1.8 1.2 -1.2

Household furnishings and operations

117.905 118.280 117.297 -3.5 -0.5 -0.8
 

Apparel

128.118 126.217 125.435 -1.1 -2.1 -0.6
 

Transportation

231.138 233.008 235.298 1.5 1.8 1.0

Private transportation

218.584 220.213 221.541 1.9 1.4 0.6

Motor fuel

284.119 289.484 294.611 3.7 3.7 1.8

Gasoline (all types)

282.777 288.162 293.304 3.6 3.7 1.8

Gasoline, unleaded regular (3)

285.335 291.023 295.931 3.7 3.7 1.7

Gasoline, unleaded midgrade (3) (4)

284.391 289.082 295.119 3.5 3.8 2.1

Gasoline, unleaded premium (3)

279.539 284.006 289.737 3.1 3.6 2.0
 

Medical care

433.186 433.955 437.850 3.2 1.1 0.9
 

Recreation (5)

119.603 118.973 119.249 -0.3 -0.3 0.2
 

Education and communication (5)

140.464 140.651 140.548 0.5 0.1 -0.1
 

Other goods and services

399.643 399.788 398.955 1.2 -0.2 -0.2
 

Commodity and service group

 
 

All items

259.971 259.985 261.225 1.9 0.5 0.5

Commodities

194.950 194.876 195.316 0.6 0.2 0.2

Commodities less food and beverages

159.412 159.262 159.085 -0.3 -0.2 -0.1

Nondurables less food and beverages

205.269 204.862 204.556 0.7 -0.3 -0.1

Durables

101.585 101.713 101.682 -2.5 0.1 0.0

Services

315.777 315.859 317.753 2.7 0.6 0.6
 

Special aggregate indexes

 
 

All items less medical care

252.351 252.335 253.469 1.9 0.4 0.4

All items less shelter

229.412 228.925 230.142 1.2 0.3 0.5

Commodities less food

163.061 162.876 162.769 -0.3 -0.2 -0.1

Nondurables

229.336 229.166 229.816 1.3 0.2 0.3

Nondurables less food

208.179 207.722 207.553 0.6 -0.3 -0.1

Services less rent of shelter (2)

302.155 300.924 303.550 1.9 0.5 0.9

Services less medical care services

306.284 306.354 308.018 2.6 0.6 0.5

Energy

241.129 237.186 241.877 3.9 0.3 2.0

All items less energy

263.677 264.068 264.988 1.8 0.5 0.3

All items less food and energy

268.153 268.583 269.379 1.7 0.5 0.3

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: July 22, 2014