Wednesday, September 13, 2023
The Consumer Price Index for All Urban Consumers (CPI-U) for Miami-Fort Lauderdale-West Palm Beach rose 1.2 percent from June to August, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Victoria G. Lee noted that the index for all items less food and energy increased 1.1 percent over the bi-monthly period. The energy index and the food index also increased from June to August, up 3.9 percent and 0.5 percent, respectively. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect the impact of seasonal influences.)
The all items CPI-U increased 7.8 percent for the 12 months ending in August. (See chart 1 and table A.) The index for all items less food and energy advanced 8.6 percent over the year. The indexes for food (+5.6 percent) and energy (+4.3 percent) also increased over the last 12 months. (See table 1.)
The food index rose 0.5 percent from June to August, led by a 0.4-percent increase in the food at home index. Four of the six major grocery store food group indexes increased over the month, including a 2.9-percent increase in nonalcoholic beverages and beverage materials. The index for food away from home rose 0.5 percent over the bi-monthly period.
The food index increased 5.6 percent for the 12 months ending in August, led by a 4.6-percent increase in the food at home index as all six major grocery store food groups indexes increased. The food away from home index also continued to increase over the past year, up 7.9 percent.Energy
The energy index rose 3.9 percent from June to August, primarily due to a 9.9-percent increase in the gasoline index. In contrast, the electricity and natural gas indexes declined over the two-month period, down 2.5 percent and 0.5 percent, respectively.
The energy index increased 4.3 percent for the 12 months ending in August, led by a 12.2-percent increase in the electricity index. The gasoline index edged up 0.2 percent over the past year, while the index for natural gas increased 9.1 percent.All items less food and energy
The index for all items less food and energy rose 1.1 percent from June to August, led by a 1.3-percent increase in the shelter index. Within shelter, owners’ equivalent rent increased 1.4 percent over the bi-monthly period and rent of primary residence increased 1.3 percent.
The index for all items less food and energy advanced 8.6 percent for the 12 months ending in August. Shelter (+14.3 percent) was the largest contributor as owners’ equivalent (+14.3 percent) and rent of primary residence (+15.3 percent) continued to increase over the past year.
The Miami-Fort Lauderdale-West Palm Beach Consumer Price Index for October 2023 is scheduled to be released on Tuesday, November 14, 2023, at 8:30 a.m. (ET).
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 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 Miami-Fort Lauderdale-West Palm Beach, FL, Core Based Statistical Area covered in this release is comprised of Broward, Miami-Dade, and Palm Beach Counties in Florida.
Information in this release will be made available to sensory impaired individuals upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
|Item and Group||Indexes||Percent change from-|
All items (November 1977=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' equiv. rent of residences(2)
Owners' equiv. 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)
Education and communication(3)
Tuition, other school fees, and child care(1)
Other goods and services
Commodity and service group
Commodities less food & beverages
Nondurables less food & 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
- Data not available.
Last Modified Date: Wednesday, September 13, 2023