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Wednesday, December 17, 2014
Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), decreased 0.4 percent in November after edging down 0.2 percent in October, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli primarily attributed the recent decrease to lower prices for energy. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)
Over the year, the CPI-U increased 0.8 percent. (See chart 1 and table A.) The 12-month percent change in November was the smallest rate of increase since October 2009. The all items less food and energy index rose 1.1 percent. (See table 1.)
The food index was unchanged for the second consecutive month. Prices for food at home dipped 0.1 percent, with lower prices reported for pork and citrus fruits. Prices for food away from home inched up 0.1 percent.
Over the year, the food index increased 3.0 percent. Prices for food away from home advanced 3.3 percent, the largest 12-month percent rise since April 2012. Prices for food at home were also higher, up 2.8 percent.Energy
The energy index dropped 3.9 percent in November, the fifth consecutive one-month decline. The recent decrease was due mainly to lower gasoline prices, down 7.4 percent. A 1.1-percent decline in household energy prices also contributed to the drop in the energy index. Within household energy, a 7.3-percent decline in natural gas prices, along with lower fuel oil prices, was partially offset by a rise in electricity prices (1.8 percent). The November declines for gasoline and natural gas were the largest in over five years.
The energy index decreased 6.4 percent since last November. Over the year, prices for gasoline fell 11.1 percent, and prices for natural gas dropped 13.0 percent. Moderating the overall decline, electricity prices rose 3.8 percent.All items less food and energy
The index for all items less food and energy edged down 0.2 percent in November. Apparel prices declined 3.2 percent, reflecting seasonal sales on clothing and accessories. Shelter prices were unchanged over the month, with decreases for lodging away from home offset by increases in both residential rent (0.4 percent) and owners’ equivalent rent (0.3 percent). Other expenditure categories with lower prices in November included household furnishings and operations, down 1.5 percent, and used cars and trucks. Medical care prices increased 0.5 percent in November, with higher prices for eyeglasses and eye care contributing to the increase.
Over the last 12 months, the index for all items less food and energy increased 1.1 percent, due primarily to higher prices for shelter (2.2 percent). Within the shelter component, residential rent rose 3.1 percent and owners’ equivalent rent rose 1.9 percent. Medical care prices increased 3.3 percent over the year.
In November, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 254.638, down 0.5 percent over the month. The CPI-W increased 0.6 percent over the year.
The December 2014 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released Friday, January 16, 2015, at 8:30 a.m. (EST).
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 89 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 28 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 New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. consolidated area covered in this release is comprised of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.
Information in this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.
|Item and Group||Indexes||Percent change from-|
All items (1967=100)
Food and beverages
Food at home
Food away from home
Rent of primary residence (1)
Fuels and utilities
Energy services (1)
Utility (piped) gas service (1)
Household furnishings and operations
Gasoline (all types)
Gasoline, unleaded regular (3)
Gasoline, unleaded premium (3)
Education and communication (5)
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
Note: Index applies to a month as a whole, not to any specific date.
Last Modified Date: Wednesday, December 17, 2014