The Cleveland-Akron, Ohio Consumer Price Index for All Urban Consumers (CPI-U) rose 1.4 percent from January to March, according to a report issued today by the U.S. Department of Labor’s Bureau of Labor Statistics. The March All Items CPI-U for the Cleveland-Akron area stood at 202.500 (1982-84=100), 4.3 percent higher than a year ago. This annual gain follows an increase of 1.9 percent in the previous 12-month period ended in March 2007.

Jay A. Mousa, regional commissioner for the Bureau’s Chicago office, stated that increases in the indexes for gasoline and shelter in addition to a seasonal jump in apparel prices were responsible for the latest bimonthly gain in the Cleveland area all items CPI-U. Partially offsetting these increases was a decline in the component for food and beverages. The remaining components—education and communication, other goods and services, medical care, and recreation also declined, but with less impact.

The transportation component gained 3.6 percent during this bimonthly period. The cost of gasoline jumped 9.3 percent from January to March. This latest rise in gasoline prices compares with a 17.3 percent hike during this period in 2007. Over the year, gasoline prices rose 31.3 percent, a larger gain than the 2.9 percent annual increase reported in March 2007. The overall transportation component stood 8.4 percent higher for the year. This was a larger increase than the 1.4 percent gain from March 2006 to March 2007.

The housing component increased 1.3 percent during this bimonthly period. The shelter index rose 1.1 percent and the household furnishings and operations index declined 1.0 percent. Household fuels and utilities costs rose 3.7 percent from January to March with utility gas service costs rising 6.5 percent. Electricity prices also rose during this period by 2.1 percent. Over the last 12-months, the household fuels and utilities index was 9.2 percent higher with utility gas service costs up 13.4 percent and electricity costs up 3.0 percent. Overall, housing costs were 3.2 percent higher than in March 2007.

The apparel component increased 13.3 percent during the January-March period. In the previous three January-March periods, apparel prices spiked an average of 12.4 percent following more moderate gains of 0.7 percent to 6.6 percent between 2000 and 2004. In spite of the latest bimonthly increase, apparel prices were up 2.7 percent for the year. This latest annual increase contrasts with a decline of 0.7 percent a year ago.

The component for food and beverages declined 0.7 percent during the bimonthly period. Prices for grocery food items (food at home index) fell 1.7 percent; the cost of food away from home rose a modest 0.5 percent; and alcoholic beverage prices remained unchanged. Over the last 12-months, the overall food and beverages component advanced 3.6 percent, similar to the 3.7 percent annual increase reported in March 2007. Food at home and food away from home prices were up 3.0 and 4.7 percent respectively, over the most recent 12-months.

The education and communication component fell 0.7 percent. For the 12-months this component was up a modest 0.5 percent. The component for other goods and services declined from January to March by 0.9 percent, but advanced 0.6 percent during the 12-months.

The medical care component fell 0.3 percent from January to March and stood 9.6 percent above its year ago level. This latest 12-month advance was greater than the 3.3 percent rise during the previous March-March period. During this bimonthly period, recreation costs were virtually unchanged, declining 0.1 percent. The recreation component was 2.2 percent higher for the year.