Internet: www.bls.gov/ro3/ |
PLS – 4451 FOR RELEASE: TUESDAY, SEPTEMBER 16, 2008 |
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INFORMATION: | Gerald Perrins (215) 597-3282 |
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MEDIA CONTACT: | Sheila Watkins |
Northeast Region Consumer Price Index: August 2008 (PDF)
Retail prices in the Northeast region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), fell 0.3 percent in August, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Sheila Watkins, the Bureau’s regional commissioner, noted that the recent decline was the first over-the-month decrease since September 2007. Decreases in the transportation and housing indexes more than offset advances in most of the other major categories; the medical care and other goods and services indexes were unchanged over the month. The August level of 233.788 (1982-84=100) was 5.5 percent higher than a year ago. Over the same period, the core inflation rate, as measured by the all items less food and energy index, rose 2.6 percent. (See table 1.)
Chart A. Â 1-month and 12-month percent changes ended August 2008 for the major categories of the CPI-U for the Northeast region, not seasonally adjusted
Due in large part to lower gasoline prices, the transportation index declined for the first time since February, down 2.6 percent over the month. Following five months of increases totaling 33.2 percent, gasoline prices dropped 7.1 percent in August—the largest one-month decrease since October 2006. Due to increases in 9 of the last 12 months, gasoline prices were 34.8 percent higher than last year. Also contributing to the one-month decrease in the overall transportation index were lower prices for new vehicles, down 0.8 percent over the month, and 0.3 percent over the year. Despite the recent decline, the transportation index was 11.5 percent higher over the last 12 months.Â
The housing index declined 0.4 percent in August, reflecting lower prices for fuels and utilities and for shelter. The fuels and utilities index was down 1.5 percent over the month due mainly to lower utility (piped) gas service prices. Utility gas service prices were 4.3 percent lower over the month but were 24.4 percent higher since last year. Electricity prices rose for the fifth straight month, up 16.6 percent since March and 2.8 percent since July; electricity prices advanced 12.2 percent over the year. Since August 2007, the fuels and utilities index rose 22.1 percent. The shelter index, which includes rent of primary residence, lodging away from home, owners’ equivalent rent of primary residence, and tenants’ and household insurance, edged down 0.3 percent over the month, but was 2.1 percent higher over the year. Prices for household furnishings and operations, the third component of the housing index, were up 0.2 percent in August and were 0.3 percent higher than last year. Over the last 12 months, the overall housing index advanced 4.5 percent.
Following a 0.4-percent increase in July, medical care prices were unchanged in August. Due to 8 increases in the last 12 months, medical care prices rose 3.3 percent since last August.
The other goods and services index was also unchanged in August. Over the year, the other goods and services index (which includes tobacco and smoking products, personal care products and services, and miscellaneous personal services such as legal, funeral, and laundry and dry cleaning services) was 5.3 percent higher.
The remaining categories had higher prices in August. Following three months of declines totaling 6.7 percent, the apparel index rose 3.3 percent in August. The seasonal July-August increase was higher than the 2.8-percent average for the same one-month period for the previous five years. Apparel prices were 1.3 percent higher than year-ago levels.Â
Due largely to a 1.0-percent increase in food at home prices, the food and beverages index was up 0.6 percent since July. Over the year, food at home prices rose 7.3 percent. Prices for food away from home (0.2 percent) and alcoholic beverages (0.4 percent) were also higher over the month. Since last August, food away from home prices rose 3.9 percent and alcoholic beverages prices advanced 4.9 percent. The overall food and beverages index increased 5.7 percent over the last 12 months—the largest 12-month advance since April 1990.
Following normal seasonal patterns, the education and communication index was up 1.3 percent in August and was 5.1 percent higher than last year. Recreation prices inched up 0.1 percent to a level 2.5 percent higher than a year ago.
The energy index, which reflects prices for gasoline and household fuels, fell 4.5 percent in August. The recent decline reflected lower prices for both gasoline (-7.1 percent) and utility (piped) gas service (-4.3 percent). Partially offsetting these decreases, electricity prices rose 2.8 percent over the month. Despite the recent decline, the energy index was 29.1 percent higher than in August 2007.
The Northeast region is comprised of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
The relative importance of a component of the CPI is its expenditure or value weight expressed as a percentage of all items within an area. Relative importance ratios show approximately how the index population distributes expenditures when the value weights are collected and represent an estimate of how consumers would distribute their expenditures as prices change over time. Relative importance ratios cannot be used as estimates of current spending patterns or as indicators of changing consumer expenditures in the intervals between weight revisions because consumption patterns are influenced by factors—including income, variations in climate, family size, and availability of new and different kinds of goods and services—other than price change. (See table A.)
Item and group | CPI-U |
---|---|
Expenditure category | |
All items |
100.000 |
Food and beverages |
15.009 |
Food |
13.961 |
Food at home |
7.703 |
Food away from home |
6.258 |
Alcoholic beverages |
1.048 |
Housing |
44.377 |
Shelter |
34.775 |
Rent of primary residence |
6.527 |
Owners' equivalent rent of primary residence |
24.696 |
Fuels and utilities |
5.691 |
Household energy |
5.043 |
Gas (piped) and electricity |
3.983 |
Electricity |
2.617 |
Utility (piped) gas service |
1.366 |
Household furnishings and operations |
3.911 |
Apparel |
3.697 |
Transportation |
16.030 |
Private transportation |
14.685 |
New and used motor vehicles |
6.306 |
New vehicles |
4.093 |
Used cars and trucks |
1.315 |
Motor fuel |
4.643 |
Gasoline (all types) |
4.472 |
Medical care |
5.780 |
Medical care commodities |
1.469 |
Medical care services |
4.311 |
Professional services |
2.512 |
Recreation |
5.387 |
Education and communication |
6.455 |
Other goods and services |
3.265 |
Commodity and service group | |
Commodities |
38.761 |
Commodities less food and beverages |
23.752 |
Nondurables less food and beverages |
14.799 |
Durables |
8.954 |
Services |
61.239 |
Special aggregate indexes | |
All items less medical care |
94.220 |
All items less shelter |
65.225 |
Commodities less food |
24.800 |
Nondurables |
29.807 |
Nondurables less food |
15.846 |
Services less rent of shelter |
26.745 |
Services less medical care services |
56.928 |
Energy |
9.686 |
All items less energy |
90.314 |
All items less food and energy |
76.353 |
Expenditure category | Indexes | Percent change from- | ||||
---|---|---|---|---|---|---|
June 2008 | July 2008 | Aug. 2008 | Aug. 2007 | June 2008 | July 2008 | |
All items |
232.649 | 234.545 | 233.788 | 5.5 | 0.5 | -0.3 |
Food and beverages |
217.241 | 219.381 | 220.693 | 5.7 | 1.6 | 0.6 |
Food |
216.856 | 219.022 | 220.373 | 5.8 | 1.6 | 0.6 |
Food at home |
216.993 | 219.811 | 221.916 | 7.3 | 2.3 | 1.0 |
Food away from home |
219.696 | 221.073 | 221.490 | 3.9 | 0.8 | 0.2 |
Alcoholic beverages |
221.211 | 222.971 | 223.754 | 4.9 | 1.1 | 0.4 |
Housing |
245.344 | 248.478 | 247.506 | 4.5 | 0.9 | -0.4 |
Shelter |
286.537 | 289.487 | 288.753 | 2.1 | 0.8 | -0.3 |
Rent of primary residence (1) |
273.571 | 275.313 | 276.510 | 4.4 | 1.1 | 0.4 |
293.568 | 293.833 | 294.241 | 1.9 | 0.2 | 0.1 | |
Fuels and utilities |
246.288 | 255.437 | 251.685 | 22.1 | 2.2 | -1.5 |
Household energy |
235.551 | 244.871 | 240.427 | 24.0 | 2.1 | -1.8 |
Gas (piped) and electricity (1) |
220.771 | 231.272 | 231.892 | 16.5 | 5.0 | 0.3 |
Electricity (1) |
197.985 | 203.777 | 209.483 | 12.2 | 5.8 | 2.8 |
Utility (piped) gas service (1) |
262.683 | 284.371 | 272.050 | 24.4 | 3.6 | -4.3 |
Household furnishings and operations |
129.114 | 128.437 | 128.708 | 0.3 | -0.3 | 0.2 |
Apparel |
114.157 | 111.732 | 115.467 | 1.3 | 1.1 | 3.3 |
Transportation |
208.424 | 209.419 | 203.979 | 11.5 | -2.1 | -2.6 |
Private transportation |
202.410 | 203.358 | 197.550 | 11.4 | -2.4 | -2.9 |
New and used motor vehicles (3) |
92.782 | 93.137 | 92.342 | -0.1 | -0.5 | -0.9 |
New vehicles |
134.544 | 134.549 | 133.435 | -0.3 | -0.8 | -0.8 |
93.326 | 93.256 | 92.474 | -0.3 | -0.9 | -0.8 | |
New cars (4) |
133.377 | 133.794 | 132.564 | -0.2 | -0.6 | -0.9 |
Used cars and trucks |
140.978 | 140.913 | 140.617 | -1.0 | -0.3 | -0.2 |
Motor fuel |
336.641 | 339.083 | 314.987 | 35.1 | -6.4 | -7.1 |
Gasoline (all types) |
333.952 | 336.470 | 312.446 | 34.8 | -6.4 | -7.1 |
Gasoline, unleaded regular (4) |
337.919 | 340.279 | 315.178 | 35.3 | -6.7 | -7.4 |
336.322 | 339.074 | 316.706 | 34.3 | -5.8 | -6.6 | |
Gasoline, unleaded premium (4) |
316.891 | 319.942 | 299.123 | 32.8 | -5.6 | -6.5 |
Medical care |
386.606 | 388.202 | 388.040 | 3.3 | 0.4 | 0.0 |
Medical care commodities |
318.695 | 319.574 | 318.709 | 2.7 | 0.0 | -0.3 |
Medical care services |
404.443 | 406.302 | 406.451 | 3.4 | 0.5 | 0.0 |
Professional services |
317.880 | 318.681 | 318.928 | 3.1 | 0.3 | 0.1 |
Recreation (3) |
116.074 | 115.904 | 116.027 | 2.5 | 0.0 | 0.1 |
Education and communication (3) |
125.985 | 126.702 | 128.371 | 5.1 | 1.9 | 1.3 |
Other goods and services |
367.991 | 373.338 | 373.378 | 5.3 | 1.5 | 0.0 |
Commodity and service group | ||||||
Commodities |
185.240 | 185.942 | 184.282 | 8.0 | -0.5 | -0.9 |
Commodities less food and beverages |
164.272 | 164.297 | 161.346 | 9.5 | -1.8 | -1.8 |
Nondurables less food and beverages |
212.711 | 213.027 | 207.674 | 16.1 | -2.4 | -2.5 |
Durables |
110.055 | 109.797 | 109.305 | -1.0 | -0.7 | -0.4 |
Services |
279.059 | 282.128 | 282.261 | 4.0 | 1.1 | 0.0 |
Special aggregate indexes | ||||||
All items less medical care |
225.588 | 227.481 | 226.709 | 5.7 | 0.5 | -0.3 |
All items less shelter |
214.783 | 216.295 | 215.519 | 7.4 | 0.3 | -0.4 |
Commodities less food |
166.649 | 166.727 | 163.876 | 9.2 | -1.7 | -1.7 |
Nondurables |
216.311 | 217.499 | 215.290 | 10.7 | -0.5 | -1.0 |
Nondurables less food |
213.083 | 213.482 | 208.488 | 15.3 | -2.2 | -2.3 |
Services less rent of shelter (2) |
280.637 | 283.973 | 285.197 | 6.4 | 1.6 | 0.4 |
Services less medical care services |
269.849 | 272.946 | 273.077 | 4.0 | 1.2 | 0.0 |
Energy |
277.910 | 284.330 | 271.624 | 29.1 | -2.3 | -4.5 |
All items less energy |
229.918 | 231.345 | 231.869 | 3.1 | 0.8 | 0.2 |
All items less food and energy |
233.753 | 235.040 | 235.402 | 2.6 | 0.7 | 0.2 |
Footnotes: |
Last Modified Date: September 16, 2008