Internet Address: www.bls.gov/ro2/home.htm For release: Thursday, October 16, 2008 Media Contact: Michael L. Dolfman,(212) 337-2500 Information: Martin Kohli,(646) 264-3620
Northeast Region Consumer Price Index: September 2008 Retail prices in the Northeast region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), fell 0.4 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Michael L. Dolfman, the Bureau's regional commissioner, noted that the recent decline was the largest over-the-month decrease since October 2006. Lower prices for housing and transportation led the way, while higher prices in the other six major categories moderated the overall decline. The September level of 232.841 (1982-84=100) was 5.2 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 2.8 percent. (See table 1.) The housing index fell 1.3 percent in September-the largest decrease since one-month percent changes for this index were first published in January 1987-due largely to lower prices for fuels and utilities. The fuels and utilities index was down 5.7 percent over the month as prices for both electricity (-6.0 percent) and utility (piped) gas service (-7.4 percent) declined. Since September 2007, electricity and utility gas service prices increased 6.8 and 17.6 percent, respectively. The fuels and utilities index rose 15.7 percent over the year. The shelter index (which includes rent of primary residence, lodging away from home, owners' equivalent rent of primary residence, and tenants' and household insurance) also contributed to the recent decline in the overall housing index, falling 0.6 percent since August. Over the last 12 months, the shelter index rose 2.3 percent. Prices for household furnishings and operations, the third component of the housing index, were unchanged in September but were 0.8 percent higher than last year. Since September 2007, the overall housing index advanced 3.9 percent. The transportation index declined 1.7 percent over the month, dominated by lower gasoline prices, which fell 4.9 percent in September after decreasing 7.1 percent in August. Despite the recent declines, gasoline prices were 31.3 percent higher than last year. The transportation index advanced 10.3 percent over the last 12 months. The remaining categories had higher prices in September. Following normal seasonal patterns, the apparel index jumped 7.2 percent from August to September. The recent one-month increase was the largest since September 1988. Over the year, apparel prices rose 2.6 percent. The food and beverages index advanced 0.8 percent since August led by nearly equal rises in prices for food at home and food away from home. The food at home index rose 0.9 percent in September and was 7.8 percent higher than last year. The food away from home index increased 0.8 percent over the month and 4.6 percent over the year. Prices for alcoholic beverages edged up 0.2 percent over the month to a level 4.7 percent higher than a year ago. The overall food and beverages index advanced 6.2 percent over the last 12 months-the largest 12-month advance since March 1990. The education and communication index rose 0.6 percent in September and was 4.8 percent higher than a year ago. Recreation prices inched up 0.1 percent in September to a level 2.5 percent higher than last year. The other goods and services index edged up 0.2 percent since 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 4.9 percent higher. Medical care prices inched up 0.1 percent in September, due entirely to a 0.3-percent increase in prices for medical care commodities. Prices for medical care services were unchanged over the month. Since last September, prices rose 3.2 percent for both of these components. Medical care prices also rose 3.2 percent over the last 12 months. The energy index, which reflects prices for gasoline and household fuels, fell 5.7 percent in September, reflecting lower prices for gasoline (-4.9 percent), electricity (-6.0 percent), and utility (piped) gas service (-7.4 percent). Due to 8 increases in the last 12 months, the energy index was 23.5 percent higher than its year-ago level. The Northeast region is comprised of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. NYLS - 7351 Labor - New York 10/16/08 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.) Table A (2005-2006 Weights). Relative importance of components in the Consumer Price Index, Northeast Region, December 2007 ------------------------------------------------------------ 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 ------------------------------------------------------------ Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods Northeast (1982-84=100 unless otherwise noted) Indexes Percent change from- Item and Group July Aug. Sep. Sep. July Aug. 2008 2008 2008 2007 2008 2008 Expenditure category All items.................................... 234.545 233.788 232.841 5.2 -0.7 -0.4 All items (December 1977=100) ............... 369.336 368.145 366.653 - - - Food and beverages.......................... 219.381 220.693 222.510 6.2 1.4 .8 Food....................................... 219.022 220.373 222.287 6.4 1.5 .9 Food at home.............................. 219.811 221.916 223.897 7.8 1.9 .9 Food away from home....................... 221.073 221.490 223.347 4.6 1.0 .8 Alcoholic beverages........................ 222.971 223.754 224.228 4.7 .6 .2 Housing..................................... 248.478 247.506 244.361 3.9 -1.7 -1.3 Shelter.................................... 289.487 288.753 287.076 2.3 -.8 -.6 Rent of primary residence 1/.............. 275.313 276.510 276.956 4.1 .6 .2 Owners' equivalent rent of primary residence 1/ 2/....................... 293.833 294.241 294.573 1.7 .3 .1 Fuels and utilities........................ 255.437 251.685 237.234 15.7 -7.1 -5.7 Household energy.......................... 244.871 240.427 224.987 16.8 -8.1 -6.4 Gas (piped) and electricity 1/........... 231.272 231.892 216.936 10.6 -6.2 -6.4 Electricity 1/.......................... 203.777 209.483 197.014 6.8 -3.3 -6.0 Utility (piped) gas service 1/.......... 284.371 272.050 251.863 17.6 -11.4 -7.4 Household furnishings and operations....... 128.437 128.708 128.767 .8 .3 .0 Apparel..................................... 111.732 115.467 123.837 2.6 10.8 7.2 Transportation.............................. 209.419 203.979 200.550 10.3 -4.2 -1.7 Private transportation..................... 203.358 197.550 194.266 10.3 -4.5 -1.7 New and used motor vehicles 3/............ 93.137 92.342 92.466 .0 -.7 .1 New vehicles............................. 134.549 133.435 132.905 -.7 -1.2 -.4 New cars and trucks 3/ 4/............... 93.256 92.474 92.093 -.9 -1.2 -.4 New cars (4)............................ 133.794 132.564 132.657 -.2 -.8 .1 Used cars and trucks..................... 140.913 140.617 138.085 -2.8 -2.0 -1.8 Motor fuel................................ 339.083 314.987 299.487 31.5 -11.7 -4.9 Gasoline (all types)..................... 336.470 312.446 297.278 31.3 -11.6 -4.9 Gasoline, unleaded regular 4/........... 340.279 315.178 299.584 31.8 -12.0 -4.9 Gasoline, unleaded midgrade 4/ 5/....... 339.074 316.706 301.735 30.7 -11.0 -4.7 Gasoline, unleaded premium 4/........... 319.942 299.123 285.714 29.4 -10.7 -4.5 Medical care................................ 388.202 388.040 388.311 3.2 .0 .1 Medical care commodities................... 319.574 318.709 319.816 3.2 .1 .3 Medical care services...................... 406.302 406.451 406.351 3.2 .0 .0 Professional services..................... 318.681 318.928 318.319 2.9 -.1 -.2 Recreation 3/............................... 115.904 116.027 116.159 2.5 0.2 0.1 Education and communication 3/.............. 126.702 128.371 129.150 4.8 1.9 .6 Other goods and services.................... 373.338 373.378 374.085 4.9 .2 .2 Commodity and service group All items.................................... 234.545 233.788 232.841 5.2 -.7 -.4 Commodities................................. 185.942 184.282 184.296 7.4 -.9 .0 Commodities less food and beverages........ 164.297 161.346 160.541 8.2 -2.3 -.5 Nondurables less food and beverages....... 213.027 207.674 206.859 14.3 -2.9 -.4 Nondurables less food, beverages, and apparel.............................. 290.819 278.847 271.460 18.8 -6.7 -2.6 Durables.................................. 109.797 109.305 108.547 -1.4 -1.1 -.7 Services.................................... 282.128 282.261 280.369 3.7 -.6 -.7 Rent of shelter 2/ ........................ 302.827 302.056 300.282 2.3 -.8 -.6 Transportation services.................... 234.822 235.198 236.388 6.2 .7 .5 Other services............................. 316.392 318.651 320.066 4.3 1.2 .4 Special aggregate indexes All items less medical care.................. 227.481 226.709 225.727 5.3 -.8 -.4 All items less food.......................... 237.559 236.435 234.989 5.0 -1.1 -.6 All items less shelter....................... 216.295 215.519 214.843 6.7 -.7 -.3 Commodities less food........................ 166.727 163.876 163.107 8.1 -2.2 -.5 Nondurables.................................. 217.499 215.290 215.725 10.1 -.8 .2 Nondurables less food........................ 213.482 208.488 207.747 13.6 -2.7 -.4 Nondurables less food and apparel............ 281.857 271.208 264.637 17.4 -6.1 -2.4 Services less rent of shelter 2/............. 283.973 285.197 282.986 5.5 -.3 -.8 Services less medical care services.......... 272.946 273.077 271.115 3.8 -.7 -.7 Energy....................................... 284.330 271.624 256.169 23.5 -9.9 -5.7 All items less energy........................ 231.345 231.869 232.476 3.3 .5 .3 All items less food and energy.............. 235.040 235.402 235.753 2.8 .3 .1 Commodities less food and energy commodities............................ 141.711 142.472 144.267 1.3 1.8 1.3 Energy commodities......................... 356.217 330.002 312.880 33.5 -12.2 -5.2 Services less energy services.............. 287.234 287.320 286.706 3.2 -.2 -.2 1/ This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator. 2/ Index is on a December 1982=100 base. 3/ Indexes on a December 1997=100 base. 4/ Special index based on a substantially smaller sample. 5/ Indexes on a December 1993=100 base. - Data not available.
Last Modified Date: October 17, 2008