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14-1747-ATL

Wednesday, September 17, 2014

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Consumer Price Index, Miami-Fort Lauderdale – August 2014

Area prices down 0.1 percent over the two months; up 2.4 percent over the year


The Consumer Price Index for All Urban Consumers (CPI-U) for Miami inched down 0.1 percent over the two months, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that prices declined for the energy index and advanced for the food, and all items less food and energy indexes. (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 2.4 percent with annual increases registered in several categories, notably shelter and food. The index for all items less food and energy rose 2.6 percent over the year. (See chart 1.)

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

Food

Food prices increased 0.8 percent during the July-August pricing period, reflecting price advances for both food away from home (1.1 percent) and food at home (0.6 percent).

From August 2013 to August 2014, the food index increased 3.6 percent as prices rose for both food at home (4.3 percent) and food away from home (2.4 percent).

Energy

The energy index decreased 3.7 percent during the two month pricing period, dominated by a 5.8-percent decline in motor fuel prices. Prices also decreased for electricity (-0.6 percent) and utility (piped) gas service (-2.2 percent).

Over the year, the energy index declined 0.8 percent as prices decreased for motor fuel (-4.5 percent). Prices increased over the year for both electricity (4.9 percent), and utility (piped) gas service (7.3 percent).

All items less food and energy

The index for all items less food and energy inched up 0.1 percent over the two months. Price increases for several indexes, including shelter (0.4 percent) and education and communication (1.1 percent), were offset by price declines for apparel (-1.6 percent) and recreation (-0.9 percent).

Over the year, the index for all items less food and energy advanced 2.6 percent, reflecting higher prices for several indexes, most notably shelter (3.7 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 - -

December

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

The October 2014 Consumer Price Index for Miami-Fort Lauderdale is scheduled to be released on Thursday, November 20, 2014 at 8:30 a.m. (ET).


Technical Note

The Consumer Price Index for Miami-Fort Lauderdale 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 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 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 the 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.

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-
Jun.
2014
Jul.
2014
Aug.
2014
Aug.
2013
Jun.
2014
Jul.
2014

Expenditure category

 
 

All Items

243.428   243.124 2.4 -0.1  

All items (November 1977=100)

392.372   391.883      

Food and beverages

251.737   253.858 3.4 0.8  

Food

254.310   256.306 3.6 0.8  

Food at home

254.338 255.021 255.877 4.3 0.6 0.3

Food away from home

256.787   259.576 2.4 1.1  

Alcoholic beverages

216.092   220.434 -1.1 2.0  

Housing

239.216   239.737 3.5 0.2  

Shelter

266.869 267.696 267.809 3.7 0.4 0.0

Rent of primary residence (1)

256.567 257.383 257.798 5.0 0.5 0.2

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

270.483 271.458 271.631 3.0 0.4 0.1

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

270.483 271.458 271.631 3.0 0.4 0.1

Fuels and utilities

179.010   178.080 5.4 -0.5  

Household energy

157.293 156.313 156.262 4.9 -0.7 0.0

Energy services (1)

153.729 152.769 152.718 5.0 -0.7 0.0

Electricity (1)

150.061 149.108 149.116 4.9 -0.6 0.0

Utility (piped) gas service (1)

217.344 217.312 212.550 7.3 -2.2 -2.2

Household furnishings and operations

161.367   160.923 -1.0 -0.3  

Apparel

139.668   137.464 -3.0 -1.6  

Transportation

238.722   233.302 0.1 -2.3  

Private transportation

241.806   236.552 -0.1 -2.2  

Motor fuel

329.380 325.991 310.419 -4.5 -5.8 -4.8

Gasoline (all types)

325.521 322.172 306.764 -4.7 -5.8 -4.8

Unleaded regular (3)

323.678 320.232 304.394 -4.8 -6.0 -4.9

Unleaded midgrade (3) (4)

307.382 304.448 292.053 -3.6 -5.0 -4.1

Unleaded premium (3)

327.029 324.656 313.258 -2.6 -4.2 -3.5

Medical Care

430.505   430.966 2.4 0.1  

Recreation (5)

114.509   113.507 -0.7 -0.9  

Education and communication (5)

126.294   127.689 1.8 1.1  

Other goods and services

314.651   318.723 3.7 1.3  
 

Commodity and service group

 
 

All Items

243.428   243.124 2.4 -0.1  

Commodities

207.840   206.743 0.6 -0.5  

Commodities less food & beverages

180.894   178.011 -1.5 -1.6  

Nondurables less food & beverages

222.460   217.378 -1.9 -2.3  

Durables

135.436   135.279 -0.5 -0.1  

Services

271.806   272.062 3.4 0.1  
 

Special aggregate indexes

 
 

All items less medical care

234.975   234.651 2.4 -0.1  

All items less shelter

231.434   230.448 1.6 -0.4  

Commodities less food

182.632   179.953 -1.5 -1.5  

Nondurables

238.931   237.455 0.9 -0.6  

Nondurables less food

222.626   218.026 -1.9 -2.1  

Services less rent of shelter (2)

287.217   286.403 3.2 -0.3  

Services less medical care services

259.114   259.503 3.6 0.2  

Energy

230.318 228.333 221.904 -0.8 -3.7 -2.8

All items less energy

244.962   245.571 2.8 0.2  

All items less food and energy

243.182   243.534 2.6 0.1  

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: September 17, 2014