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News Release Information

24-278-CHI
Tuesday, February 13, 2024

Contacts Technical information: Media contact:
  • (312) 353-1138

Consumer Price Index, Minneapolis-St. Paul-Bloomington area – January 2024

Area prices were up 0.2 percent over the past two months, up 2.6 percent from a year ago

Prices in the Minneapolis-St. Paul-Bloomington area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.2 percent for the two months ending in January 2024, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Jason Palmer noted that the indexes for both food and all items less food and energy rose in the November to January period and the energy index declined. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U advanced 2.6 percent. (See chart 1 and table A.) The index for all items less food and energy increased 3.5 percent over the year. Food prices increased 1.2 percent. Energy prices fell 7.3 percent, largely the result of a decrease in the price of gasoline. (See table 1.)


Food

Food prices advanced 0.8 percent for the two months ending in January. (See table 1.) Prices for food at home (groceries) rose 0.6 percent, and prices for food away from home (restaurant, cafeteria, and vending purchases) advanced 1.1 percent for the same period.

Over the year, food prices increased 1.2 percent. Prices for food at home fell 0.8 percent since a year ago. Two of the six major grocery store food group indexes were higher over the year. Both the index for other food at home (includes sugar, sweets, fats, and oils, for example) and nonalcoholic beverages and beverage materials were up 5.0 percent. The index for fruits and vegetables was down 7.2 percent. Prices for food away from home rose 4.6 percent.

Energy

The energy index fell 3.0 percent for the two months ending in January. The decrease was mainly due to lower prices for gasoline (-12.2 percent). Prices for utility (piped) gas service increased 15.5 percent, and prices for electricity advanced 2.7 percent for the same period.

Energy prices fell 7.3 percent over the year, largely due to lower prices for gasoline (-11.4 percent). Prices paid for electricity rose 8.5 percent, while prices for utility (piped) gas service fell 20.8 percent during the past year.

All items less food and energy

The index for all items less food and energy advanced 0.3 percent in the latest two-month period. Increases in the indexes for owners’ equivalent rent of residences (+0.7 percent), recreation (+3.7 percent), and apparel (+5.0 percent) were contributing factors. Partially offsetting these increases were declines in the indexes for new and used motor vehicles (-4.7 percent) and medical care (-1.3 percent).

Over the year, the index for all items less food and energy increased 3.5 percent. Components contributing to the increase included shelter (+5.4 percent) and recreation (+7.4 percent). Partly offsetting the increases were price decreases in new and used motor vehicles (-2.9 percent) and household furnishings and operations (-2.7 percent).

Table A. Minneapolis-St. Paul-Bloomington, MN-WI, CPI-U 2-month and 12-month percent changes, all items index, not seasonally adjusted
Month 2020 2021 2022 2023 2024
2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month 2-month 12-month

January

0.6 3.0 0.4 1.6 0.7 7.2 0.5 5.1 0.2 2.6

March

-0.3 1.2 1.1 3.0 2.1 8.2 0.4 3.4

May

-0.1 0.0 1.4 4.6 1.9 8.7 0.4 1.8

July

-0.1 -0.3 1.7 6.5 1.2 8.2 0.4 1.0

September

2.1 1.9 1.1 5.4 0.4 7.4 1.5 2.2

November

-0.4 1.7 1.0 6.9 -1.0 5.3 -0.4 2.8

The March 2024 Consumer Price Index for the Minneapolis-St. Paul-Bloomington area is scheduled to be released on April 10, 2024.


Technical Note

The Consumer Price Index for Minneapolis 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 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 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 Minneapolis-St. Paul-Bloomington, MN-WI Core Based Statistical Area consists of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.

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.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods
Minneapolis-St. Paul-Bloomington, MN-WI (1982-84=100 unless otherwise noted)
Item and Group

Indexes Percent change from-
Nov.
2023
Dec.
2023
Jan.
2024
Jan.
2023
Nov.
2023
Dec.
2023

Expenditure category

All items

295.511 - 296.135 2.6 0.2 -

All items (1967=100)

928.651 - 930.611 - - -

Food and beverages

356.808 - 359.413 1.3 0.7 -

Food

345.679 - 348.452 1.2 0.8 -

Food at home

308.287 306.160 310.237 -0.8 0.6 1.3

Cereals and bakery products

334.827 341.044 333.455 -2.7 -0.4 -2.2

Meats, poultry, fish and eggs

339.009 335.644 340.293 -2.3 0.4 1.4

Dairy and related products

308.100 301.386 314.757 -5.4 2.2 4.4

Fruits and vegetables

399.968 401.273 394.352 -7.2 -1.4 -1.7

Nonalcoholic beverages and beverage materials(1)

191.643 193.212 196.794 5.0 2.7 1.9

Other food at home

259.460 253.044 262.555 5.0 1.2 3.8

Food away from home

400.296 - 404.632 4.6 1.1 -

Alcoholic beverages

440.240 - 440.719 2.8 0.1 -

Housing

281.880 - 283.824 3.9 0.7 -

Shelter

333.217 335.321 333.658 5.4 0.1 -0.5

Rent of primary residence(2)

341.902 342.648 342.468 4.2 0.2 -0.1

Owners' equiv. rent of residences(2)(3)

354.146 355.771 356.714 6.1 0.7 0.3

Owners' equiv. rent of primary residence(2)(3)

354.146 355.771 356.714 6.1 0.7 0.3

Fuels and utilities

262.412 - 276.873 -0.5 5.5 -

Household energy

225.972 229.899 240.267 -3.3 6.3 4.5

Energy services(2)

228.307 232.724 243.257 -2.7 6.5 4.5

Electricity(2)

295.210 294.690 303.222 8.5 2.7 2.9

Utility (piped) gas service(2)

156.005 167.085 180.199 -20.8 15.5 7.8

Household furnishings and operations

139.707 - 140.766 -2.7 0.8 -

Apparel

147.394 - 154.711 6.3 5.0 -

Transportation

251.130 - 242.569 -0.6 -3.4 -

Private transportation

239.624 - 228.901 -0.2 -4.5 -

New and used motor vehicles(4)

115.432 - 110.036 -2.9 -4.7 -

New vehicles(1)

194.594 - 194.497 2.0 0.0 -

Used cars and trucks(1)

368.635 - 355.174 -2.3 -3.7 -

Motor fuel

267.164 244.142 234.576 -11.4 -12.2 -3.9

Gasoline (all types)

267.158 244.134 234.605 -11.4 -12.2 -3.9

Gasoline, unleaded regular(5)

266.952 243.604 233.996 -11.9 -12.3 -3.9

Gasoline, unleaded midgrade(5)(6)

271.545 249.790 239.911 -8.9 -11.6 -4.0

Gasoline, unleaded premium(5)

340.374 315.618 304.505 -6.6 -10.5 -3.5

Medical care

626.476 - 618.593 -1.3 -1.3 -

Recreation(4)

142.248 - 147.511 7.4 3.7 -

Education and communication(4)

141.972 - 143.262 1.1 0.9 -

Tuition, other school fees, and childcare(1)

1,246.268 - 1,245.063 3.3 -0.1 -

Other goods and services

485.806 - 479.843 2.9 -1.2 -

Commodity and service group

All items

295.511 - 296.135 2.6 0.2 -

Commodities

221.186 - 219.877 -0.8 -0.6 -

Commodities less food and beverages

164.535 - 162.010 -2.3 -1.5 -

Nondurables less food and beverages

227.398 - 220.946 -0.5 -2.8 -

Durables

113.641 - 113.726 -4.1 0.1 -

Services

361.281 - 363.621 4.4 0.6 -

Special aggregate indexes

All items less medical care

280.436 - 281.409 2.9 0.3 -

All items less shelter

279.841 - 280.448 0.9 0.2 -

Commodities less food

174.123 - 171.608 -2.0 -1.4 -

Nondurables

287.825 - 285.381 0.5 -0.8 -

Nondurables less food

241.993 - 235.803 -0.2 -2.6 -

Services less rent of shelter(3)

406.794 - 411.539 3.1 1.2 -

Services less medical care services

336.446 - 338.937 5.2 0.7 -

Energy

249.515 241.118 242.014 -7.3 -3.0 0.4

All items less energy

304.972 - 306.172 3.2 0.4 -

All items less food and energy

299.005 - 299.989 3.5 0.3 -

Footnotes
(1) Index on an April 1978=100 base.
(2) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator.
(3) Index on a December 1982=100 base.
(4) Indexes on a December 1997=100 base.
(5) Special index based on a substantially smaller sample.
(6) Index on a December 1993=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: Tuesday, February 13, 2024