Internet Address: http://www.bls.gov/ro2/home.htm Transmission of material in Media Contact: Michael L. Dolfman,(212) 337-2500 this release is embargoed Information: Martin Kohli,(646) 264-3620 until after 8:30 A.M. (ET) Wednesday, November 19, 2008 NEW YORK-NORTHERN NEW JERSEY CPI FELL 0.7 PERCENT IN OCTOBER, UP 4.3 PERCENT FROM YEAR AGO Retail prices in the greater New York area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), dropped 0.7 percent in October after edging down 0.2 percent in September. Michael L. Dolfman, Regional Commissioner of the U. S. Department of Labor's Bureau of Labor Statistics, noted that the October decrease, the largest in almost 53 years, was driven by falling prices for energy. The decline was partially offset by higher prices for food. For the year ended in October 2008, the CPI-U advanced 4.3 percent. The index for all items less food and energy was up 3.1 percent over the year. The energy index fell 9.2 percent in October, after retreating by 3.7 percent in August and by 7.3 percent in September. The October index reflected a sharp 13.7-percent drop in gasoline prices along with a 10.0-percent reduction in electricity charges (partially attributable to the removal of summer surcharges). Prices for residential fuel oil also eased over the month. In contrast, natural gas prices rose by 6.8 percent, the largest increase in 23 months. Over the year, gasoline prices were up 12.9 percent, while natural gas prices rose 14.7 percent. The transportation index decreased 4.1 percent over the month, primarily due to the significant fall in gasoline prices. The October decrease was the third consecutive monthly decline (see chart A), and the largest single-month drop since the inception of the series in 1947. Reduced airline fares and lower prices for used cars and trucks also contributed to the October decline. Since October 2007, the transportation index has risen 4.5 percent.New York-Northern New Jersey CPI monthly and annual percent changes (not seasonally adjusted) | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 Month | Mo | Ann | Mo | Ann | Mo | Ann | Mo | Ann | Mo | Ann | Mo | Ann January 0.8 3.3 0.3 2.7 0.6 4.1 0.8 3.7 0.2 2.7 0.2 3.7 February 0.8 3.3 0.6 2.5 0.4 3.9 0.2 3.6 0.6 3.1 0.5 3.6 March 0.5 3.1 1.1 3.2 1.7 4.4 0.8 2.7 0.7 2.9 0.9 3.8 April -0.2 2.6 0.3 3.7 0.0 4.2 0.9 3.6 0.5 2.5 0.3 3.6 May 0.1 2.8 0.2 3.9 -0.5 3.4 0.6 4.8 0.6 2.5 1.0 4.0 June 0.1 2.8 0.8 4.6 -0.3 2.3 0.5 5.6 0.5 2.5 1.0 4.5 July 0.4 3.0 -0.2 3.9 0.9 3.4 0.2 5.0 0.2 2.5 0.7 5.1 August 0.7 3.1 0.1 3.3 0.8 4.1 0.4 4.7 -0.1 1.9 0.1 5.4 September 0.3 3.3 0.1 3.2 0.8 4.8 -0.5 3.3 0.0 2.4 -0.2 5.2 October 0.2 3.3 0.7 3.7 0.4 4.5 -0.5 2.4 0.1 3.1 -0.7 4.3 November -0.3 3.1 0.0 3.9 -0.6 3.9 -0.4 2.6 0.4 3.9 December -0.1 3.2 -0.2 3.8 -0.5 3.6 0.2 3.3 0.0 3.7 The housing index decreased 0.5 percent in October after falling 0.8 percent in September. The decrease was largely fueled by declining prices for household energy, down 5.3 percent over the month. The shelter component of housing inched down 0.1 percent, despite increases of 0.2 percent for owners' equivalent rent and 0.6 percent for residential rent. The index for household furnishings and operations rose 0.6 percent over the month. Prices for food and beverages climbed 0.6 percent during the month. Since July, monthly increases have ranged from 0.6 to 1.0 percent. Grocery prices advanced 1.0 percent, while food away from home rose 0.3 percent. The October index included higher prices for juices and nonalcoholic drinks; rice, pasta, and cornmeal; bread; and butter and margarine. For the year ended in October 2008, prices for food at home rose 8.9 percent, the largest rate of annual increase since June 1987. Among other expenditure categories, the education and communication index rose 0.6 percent in October. Apparel, recreation, and other goods and services each edged up 0.2 percent, while medical care decreased by 0.4 percent. With the New York-Northern New Jersey Consumer Price Index for All Urban Consumers at 238.403 in October (1982-84=100), $23.84 was required to purchase what $10 could in the 1982-84 base period. The purchasing power of the dollar was 41.9 cents in 1982-84 dollars and 14.5 cents in 1967 dollars. In October, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 232.778, down 0.8 percent over the month. The CPI-W rose 4.6 percent over the year. On a 1967 base, the October CPI-W was 662.776. Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences. The New York-Northern New Jersey-Long Island, NY-NJ-CT-PA consolidated area comprises the five boroughs of New York City, Nassau, Suffolk, Westchester, Rockland, Putnam, Dutchess, and Orange Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Monmouth, Middlesex, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, New Haven and Middlesex Counties in Connecticut; and Pike County in Pennsylvania. NYLS - 7353 Labor - New York 11/17/08 Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods New York-Northern N.J.-Long Island, NY-NJ-CT-PA (1982-84=100 unless otherwise noted) Indexes Percent change from- Item and Group Aug. Sep. Oct. Oct. Aug. Sep. 2008 2008 2008 2007 2008 2008 Expenditure category All items............................... 240.550 240.089 238.403 4.3 -0.9 -0.7 All items (1967=100).................... 695.396 694.064 689.190 - - - Food and beverages..................... 224.520 226.728 228.086 6.7 1.6 .6 Food.................................. 223.732 226.022 227.469 6.9 1.7 .6 Food at home......................... 225.000 227.432 229.598 8.9 2.0 1.0 Food away from home.................. 228.174 230.353 230.968 4.6 1.2 .3 Alcoholic beverages................... 232.027 232.965 232.963 4.4 .4 .0 Housing................................ 260.568 258.439 257.047 4.1 -1.4 -.5 Shelter............................... 308.643 309.178 308.989 3.6 .1 -.1 Rent of primary residence 1/......... 299.103 299.508 301.253 5.5 .7 .6 Owners' equivalent rent of primary residence 1/ 2/.................. 314.378 314.933 315.708 3.4 .4 .2 Fuels and utilities................... 235.786 216.646 206.142 11.6 -12.6 -4.8 Household energy..................... 241.662 220.224 208.566 12.3 -13.7 -5.3 Gas (piped) and electricity 1/...... 227.868 205.583 196.765 8.4 -13.6 -4.3 Electricity 1/..................... 220.254 191.571 172.388 4.5 -21.7 -10.0 Utility (piped) gas service 1/..... 236.195 229.714 245.375 14.7 3.9 6.8 Household furnishings and operations.. 127.318 127.420 128.179 -.3 .7 .6 Apparel................................ 111.287 119.185 119.420 4.7 7.3 .2 Transportation......................... 212.162 208.757 200.291 4.5 -5.6 -4.1 Private transportation................ 201.938 198.879 190.389 4.4 -5.7 -4.3 Motor fuel........................... 295.412 278.997 240.938 13.1 -18.4 -13.6 Gasoline (all types)................ 293.916 277.603 239.551 12.9 -18.5 -13.7 Gasoline, unleaded regular 3/...... 297.984 281.104 240.551 12.7 -19.3 -14.4 Gasoline, unleaded midgrade 3/ 4/.. 294.113 277.454 245.311 14.5 -16.6 -11.6 Gasoline, unleaded premium 3/...... 287.718 273.482 238.551 12.1 -17.1 -12.8 Medical care........................... 369.816 368.930 367.629 1.2 -.6 -.4 Recreation 5/.......................... 115.423 115.340 115.532 1.1 .1 .2 Education and communication 5/......... 131.880 132.151 132.926 4.3 .8 .6 Other goods and services............... 352.883 353.597 354.472 4.6 .5 .2 Commodity and service group All items............................... 240.550 240.089 238.403 4.3 -.9 -.7 Commodities............................ 184.969 185.511 182.371 4.9 -1.4 -1.7 Commodities less food and beverages... 156.739 156.450 151.290 3.6 -3.5 -3.3 Nondurables less food and beverages.. 196.430 196.667 187.541 8.0 -4.5 -4.6 Durables............................. 106.094 105.221 104.737 -4.2 -1.3 -.5 Services............................... 288.192 286.893 286.410 4.0 -0.6 -0.2 Special aggregate indexes All items less medical care............. 234.562 234.119 232.433 4.5 -.9 -.7 All items less shelter.................. 214.078 213.176 210.814 4.8 -1.5 -1.1 Commodities less food................... 160.006 159.751 154.709 3.6 -3.3 -3.2 Nondurables............................. 212.998 214.185 209.944 7.3 -1.4 -2.0 Nondurables less food................... 199.000 199.276 190.601 7.7 -4.2 -4.4 Services less rent of shelter 2/........ 275.872 272.156 271.275 4.5 -1.7 -.3 Services less medical care services..... 280.888 279.599 279.180 4.1 -.6 -.1 Energy.................................. 264.974 245.543 222.851 12.4 -15.9 -9.2 All items less energy................... 239.829 241.221 241.579 3.6 .7 .1 All items less food and energy......... 244.264 245.494 245.648 3.1 .6 .1 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/ Special index based on a substantially smaller sample. 4/ Indexes on a December 1993=100 base. 5/ Indexes on a December 1997=100 base. - Data not available.
Last Modified Date: December 16, 2008
