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Thursday, May 15, 2014

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Consumer Price Index, Miami-Fort Lauderdale – April 2014

Area prices up 0.7 percent over the two months and 2.5 percent over the year


The Consumer Price Index for All Urban Consumers (CPI-U) for Miami rose 0.7 percent over the two months, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that prices advanced for the energy, food, and the 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 2.5 percent with annual increases registered in several categories, notably shelter, food, and medical care. The index for all items less food and energy rose 2.2 percent over the year. (See chart 1.)

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

Food

Food prices increased 1.0 percent during the March-April pricing period, reflecting price advances for both food at home (1.3 percent) and food away from home (0.4 percent).

From April 2013 to April 2014, the food index increased 2.8 percent. Prices rose for both food at home (3.6 percent) and food away from home (1.7 percent).

Energy

The energy index rose 6.1 percent during the two month pricing period, dominated by a 9.2-percent increase in motor fuel prices. Prices also increased for electricity (2.1 percent) and utility (piped) gas service (0.7 percent).

Over the year, the energy index rose 4.8 percent. Prices increased for motor fuel (4.2 percent), electricity (5.9 percent), and utility (piped) gas service (6.5 percent).

All items less food and energy

The index for all items less food and energy was unchanged over the two months. Price increases for recreation (0.7 percent) and medical care (0.3 percent) were offset by price declines for several indexes, primarily apparel (-3.6 percent).

Over the year, the index for all items less food and energy advanced 2.2 percent, reflecting higher prices for shelter (3.0 percent) and medical care (5.3 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 - -

August

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

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 June 2014 Consumer Price Index for Miami-Fort Lauderdale is scheduled to be released on Tuesday, July 22, 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-
Feb.
2014
Mar.
2014
Apr.
2014
Apr.
2013
Feb.
2014
Mar.
2014

Expenditure category

 
 

All Items

242.268   244.073 2.5 0.7  

All items (November 1977=100)

390.503   393.412      

Food and beverages

248.234   250.495 2.6 0.9  

Food

250.338   252.788 2.8 1.0  

Food at home

249.189 250.172 252.537 3.6 1.3 0.9

Food away from home

254.769   255.723 1.7 0.4  

Alcoholic beverages

220.536   219.619 -0.7 -0.4  

Housing

237.827   238.640 3.0 0.3  

Shelter

266.111 266.725 266.128 3.0 0.0 -0.2

Rent of primary residence (1)

254.064 254.526 255.434 4.1 0.5 0.4

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

268.718 269.379 269.382 2.5 0.2 0.0

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

268.718 269.379 269.382 2.5 0.2 0.0

Fuels and utilities

175.673   179.015 6.0 1.9  

Household energy

154.229 155.345 157.299 5.8 2.0 1.3

Energy services (1)

150.484 151.659 153.674 6.0 2.1 1.3

Electricity (1)

146.884 147.993 150.033 5.9 2.1 1.4

Utility (piped) gas service (1)

213.563 218.332 215.159 6.5 0.7 -1.5

Household furnishings and operations

157.785   161.081 -0.8 2.1  

Apparel

154.676   149.094 3.8 -3.6  

Transportation

234.413   242.355 1.1 3.4  

Private transportation

237.786   245.543 0.8 3.3  

Motor fuel

311.166 322.725 339.691 4.2 9.2 5.3

Gasoline (all types)

307.488 318.928 335.719 4.2 9.2 5.3

Unleaded regular (3)

304.823 316.693 334.159 4.3 9.6 5.5

Unleaded midgrade (3) (4)

290.588 300.983 314.865 3.6 8.4 4.6

Unleaded premium (3)

310.264 319.512 334.861 4.1 7.9 4.8

Medical Care

430.768   432.064 5.3 0.3  

Recreation (5)

114.321   115.068 0.1 0.7  

Education and communication (5)

126.084   125.871 1.6 -0.2  

Other goods and services

314.808   312.001 2.4 -0.9  
 

Commodity and service group

 
 

All Items

242.268   244.073 2.5 0.7  

Commodities

206.163   209.759 2.1 1.7  

Commodities less food & beverages

180.260   184.561 1.7 2.4  

Nondurables less food & beverages

222.717   229.465 3.2 3.0  

Durables

133.608   134.927 -1.6 1.0  

Services

270.999   271.553 2.8 0.2  
 

Special aggregate indexes

 
 

All items less medical care

233.785   235.585 2.4 0.8  

All items less shelter

230.051   232.840 2.2 1.2  

Commodities less food

182.146   186.308 1.6 2.3  

Nondurables

237.286   241.814 2.9 1.9  

Nondurables less food

223.103   229.464 3.0 2.9  

Services less rent of shelter (2)

285.883   287.744 2.6 0.7  

Services less medical care services

258.169   258.872 2.7 0.3  

Energy

220.984 226.407 234.558 4.8 6.1 3.6

All items less energy

244.722   245.202 2.3 0.2  

All items less food and energy

243.635   243.749 2.2 0.0  

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: May 15, 2014