Wednesday, July 12, 2023
Prices in the New York-Newark-Jersey City area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.4 percent in June, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner William J. Sibley noted that the June increase was driven by higher prices for energy. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)
Over the last 12 months, the CPI-U advanced 2.5 percent. (See chart 1 and table A.) The index for all items less food and energy increased 3.8 percent. Food prices rose 5.4 percent. (See table 1.) Energy prices, on the other hand, dropped 17.6 percent, largely the result of a decrease in the price of gasoline.Food
Food prices increased 0.5 percent for the month of June. Food-away-from-home prices climbed 0.9 percent, while food at home prices advanced 0.4 percent with increases reported in four of the six grocery categories.
For the year ending June 2023, food prices increased 5.4 percent. Prices for food away from home advanced 7.2 percent, and prices for food at home rose 4.4 percent.Energy
The energy index increased 4.1 percent over the month, after remaining flat in May. Household energy prices rose 6.2 percent and included a 12.6-percent rise in electricity prices which are usually up at this time of year. Declines in prices for natural gas (-2.9 percent) partially offset the increases.
From June 2022 to June 2023, energy prices fell 17.6 percent, fueled by a 27.4-percent drop in gasoline prices. Household energy fell 8.5 percent over the year, with declines in natural gas prices (-11.9 percent), electricity prices (-0.7 percent), and fuel oil prices.All items less food and energy
The index for all items less food and energy increased 0.1 percent in June. A 0.2-percent rise in shelter prices included increases for owners' equivalent rent (0.4 percent) and residential rent (0.3 percent) which were partially offset by declines in prices for lodging away from home. In addition, recreation prices rose 1.3 percent. On the other hand, falling prices for public transportation, apparel (-1.8 percent), and medical care (-0.4 percent) tempered the price increases.
Over the year, the index for all items less food and energy increased 3.8 percent. Shelter prices, up 5.6 percent, included a 5.6-percent increase for owners’ equivalent rent and a 5.7-percent increase for residential rent. The education and communication index rose 2.7 percent, and the recreation index rose 3.7 percent. Price declines for new and used motor vehicles (-1.9 percent) and medical care (-0.9 percent) partly offset the increases.
The July 2023 Consumer Price Index for the New York-Newark-Jersey City area is scheduled to be released on August 10, 2023.
The Consumer Price Index (CPI) is a measures 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 6,000 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 New York-Newark-Jersey City, NY-NJ-PA Core Based Statistical Area includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania.
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.
|Item and Group||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 medical care
All items less shelter
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: Wednesday, July 12, 2023