Thursday, November 10, 2022
Prices in the Philadelphia-Camden-Wilmington area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), increased by 0.6 percent for the 2 months ending in October 2022, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Alexandra Hall Bovee noted that this increase was led by a 1.3 percent increase in the shelter index as both the owners equivalent rent of residences and rent of primary residence indexes rose. Overall, increases in the all items less food and energy index and in the food index were slightly offset by a decrease in the energy index. (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 advanced 7.8 percent, a somewhat more moderate pace than in August (8.8 percent). (See chart 1 and table A.)The energy price index increase of 22.2 percent over the year was the lowest since last year and well below the peak of 46.0 percent in June. The index for all items less food and energy rose 5.8 percent, the same as in August but food prices continued to rise as they advanced 13.1 percent, the fastest 12-month rate in that series since 1974. (See table 1.)Food
Food prices increased 2.5 percent for the 2 months ending in October. Within the food index, the 3.4-percent rise in prices for food away from home marked the highest 2-month increase in that index since June 1980. In contrast, the 2.0 percent increase in prices for food at home was the smallest since a peak of 3.7 percent in February. Among the grocery categories, the other food at home index was up only 2.6 percent after a 6.7 percent peak in August but the fruits and vegetables index was up 4.3 percent after declines in June and August.
Over the year, food prices rose 13.1 percent —the largest increase in 48 years— part of a consistent pattern of 12-month growth since June 2018. Prices for food at home advanced 16.6 percent since a year ago, slightly down from the 16.9 percent increase in August. All major grocery categories were up over the year, led by price increases for other food at home (22.7 percent). Prices for food away from home were up 7.8 percent, the largest index increase in 40 years.Energy
The energy index continued to moderate as it decreased 1.7 percent for the 2 months ending in October, following the 9.2 percent decline in August. The decrease was mainly due to continuing lower prices for gasoline (-10.6 percent). The electricity index decreased 0.3 percent for the same period while the utility (piped) gas services index was up 2.7 percent. Both gasoline and utility (piped) gas had peak increases in June, up 19.2 and 15.6 percent, respectively. The fuel oil index advanced as well.
Energy prices increased 22.2 percent over the year, the lowest bimonthly rise since last year. All major energy categories were up over the year; the electricity index increased 18.7 percent and the index for utility (piped) gas service was up 37.5 percent. The gasoline index increased 11.1 percent over the year, the lowest since the February 2021 rise of 9.6 percent.All items less food and energy
The index for all items less food and energy increased 0.6 percent in the latest 2-month period, the lowest increase so far in 2022. Higher prices for shelter (1.3 percent), public transportation, and recreation (1.1 percent) were partially offset by lower indexes for new and used motor vehicles (-1.4 percent), alcoholic beverages (down 5.4 percent—the largest decline since the series began in 1976), and apparel (-1.4 percent). The shelter index increase was largely due to a 1.2-percent rise in the index for owners’ equivalent rent of residences while the rent of primary residence index was up 1.5 percent.
Over the year, the index for all items less food and energy rose 5.8 percent; since October 2021, 12-month increases have ranged from 5.6 to 6.3 percent. The recent increase was mainly driven by a 7.4-percent increase in the shelter index, the largest since 2002. Within shelter, the index for owners’ equivalent rent of residences advanced 7.2 percent, following a pattern of acceleration so far in 2022. The medical care index continued to rise, up 6.4 percent over the year, the largest increase since February. The new and used motor vehicles index continued to moderate, up only 5.2 percent, down from the series high of 28.8 percent in February 2022.
The December 2022 Consumer Price Index for the Philadelphia-Camden-Wilmington area is scheduled to be released on January 12, 2023.
The Consumer Price Index for Philadelphia-Camden-Wilmington 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 93 percent of the total U.S. population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 29 percent of the total U.S. 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 75 urban areas across the country from about 5,000 housing units and approximately 22,000 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; for most of the CPI-U the reference base is 1982-84 equals 100. An increase of 7 percent from the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the price of a base period market basket of goods and services rising from $100 to $107. For further details see the CPI home page on the internet at www.bls.gov/cpi and the CPI section of the BLS Handbook of Methods available on the internet at www.bls.gov/opub/hom/cpi/. 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 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, Core Based Statistical Area includes Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties in Pennsylvania; Burlington, Camden, Cumberland, Gloucester, and Salem Counties in New Jersey; New Castle County in Delaware; and Cecil County in Maryland.
Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
|Expenditure category||Indexes||Percent change from|
All items (1967 = 100)
Food and beverages
Food at home
Cereals and bakery products
Meats, poultry, fish, and eggs
Dairy and related products
Fruits and vegetables
Nonalcoholic beverages and beverage materials(1)
Other food at home
Food away from home
Rent of primary residence
Owners' equivalent rent of residences(2)
Owners' equivalent rent of primary residence(2)
Fuels and utilities
Utility (piped) gas service
Household furnishings and operations
New and used motor vehicles(3)
Used cars and trucks(1)
Gasoline (all types)
Gasoline, unleaded regular(4)
Gasoline, unleaded premium(4)
Education and communication(3)
Tuition, other school fees, and child care(1)
Other goods and services
Commodity and service group
Commodities less food and beverages
Nondurables less food and beverages
Special aggregate indexes
All items less shelter
All items less medical care
Commodities less food
Nondurables less food
Services less rent of shelter(2)
Services less medical care services
All items less energy
All items less food and energy
Last Modified Date: Thursday, November 10, 2022