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24-62-PHI
Thursday, January 11, 2024
Prices in the Northeast Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), were unchanged in December, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Alexandra Hall Bovee noted this third consecutive month of no change was due to counteracting price changes between the energy index (down 2.9 percent), the all items less food and energy index (up 0.2 percent), and the food index (unchanged). (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)
Over the last 12 months, the Northeast all items CPI-U index increased 2.6 percent. Like last month, the December advance was primarily due to a 3.5-percent rise in the all items less food and energy index, which was led by increases within the shelter index. The food index rose 2.4 percent—the smallest rise in 2023—as increases continued to moderate since the year began. The energy index decreased 6.8 percent. (See table 1.) Since March 2023, the 12-month change in the all items index has been lower than the all items less food and energy index. (See chart 1.)
FoodIn December, the food index was unchanged as the food at home index declined 0.2 percent. (See table 1.) Grocery price categories had a mix of rises and falls, led by a 1.5-percent decline in cereals and bakery products (the largest decrease in that index since October 2018). Dairy and related products prices were down 0.8 percent and the other food at home index declined 0.2 percent. Grocery categories that increased included nonalcoholic beverages and beverage materials (up 0.8 percent) and fruits and vegetables (up 0.2 percent). Prices for food away from home rose 0.4 percent over the month.
From December 2022 to December 2023, food prices continued to moderate, up 2.4 percent—the 12-month rate of increase slowed every month in 2023 after starting the year at 9.7 percent. Food away from home prices rose 5.3 percent, while the food at home index was up just 1.0 percent. This was the smallest over-the year increase in grocery prices since June 2021; the increases peaked at 12.0 percent in August 2022. Half of the grocery categories rose over the year, including the nonalcoholic beverages and beverage materials index (up 5.2 percent), other food at home (up 1.7 percent), and cereals and bakery products (up 2.5 percent). The grocery categories that declined were meats, poultry, fish, and eggs (down 1.0 percent), fruits and vegetables (down 0.7 percent—the first decline in this index since March 2020), and dairy and related products (down 0.1 percent—the first decline in the index since August 2021).
EnergyThe energy index decreased 2.9 percent in December as all components declined, down after a 0.1-percent increase last month (energy prices decreased 7 months out of the year). The December decrease was led by a 4.5-percent decline in the gasoline index. Fuel oil was also down. Both the electricity index and utility (piped) gas index were down 1.2 percent over the month.
Over the year, energy prices were down 6.8 percent. The December decline was driven by lower prices for utility (piped) gas service (down 18.3 percent). The other energy components also declined including gasoline (down 3.7 percent), fuel oil, and electricity (down 1.8 percent—the largest decline in this index since October 2019).
All items less food and energyThe index for all items less food and energy was up 0.2 percent in December, primarily due to a 0.7-percent increase in the shelter index. Within shelter, owners’ equivalent rent of residences was up 0.4 percent, lodging away from home rose, and rent of primary residence increased 0.5 percent. The recreation index had a 0.5-percent rise over the month and the medical care index was up 0.2 percent. Some indexes declined and tempered the all items less food and energy rise, including new and used motor vehicles (down 1.9 percent), public transportation, and apparel (down 0.8 percent—this index has declined in every December since it began in 1987).
Over the year, the index for all items less food and energy was up 3.5 percent, as the shelter index component increased 6.5 percent. Owners’ equivalent rent of residences increased 6.4 percent, while rent of primary residence went up 6.1 percent and lodging away from home also rose. A 4.3-percent decline in the medical care index softened the rise of the all items less food and energy index. The medical care decline was driven by a 5.7-percent decrease in the medical care services index.
Geographic divisionsAdditional price indexes are available for the two divisions of the Northeast. Over the month, the all items CPI-U index for the Middle Atlantic division was unchanged. The CPI-U for the New England division decreased 0.1 percent.
Over the year, the all items index rose 2.7 percent in the Middle Atlantic division and 2.3 percent in the New England division.(See table B.)
Month | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
---|---|---|---|---|---|---|---|---|---|---|
1-month | 12-month | 1-month | 12-month | 1-month | 12-month | 1-month | 12-month | 1-month | 12-month | |
January | 0.3 | 1.5 | 0.7 | 2.3 | 0.4 | 1.1 | 0.8 | 6.3 | 0.7 | 6.0 |
February | 0.2 | 1.3 | 0.3 | 2.4 | 0.4 | 1.2 | 0.7 | 6.6 | 0.5 | 5.9 |
March | 0.5 | 1.7 | -0.2 | 1.7 | 0.6 | 2.1 | 1.3 | 7.3 | -0.2 | 4.3 |
April | 0.4 | 1.7 | -0.4 | 0.8 | 0.7 | 3.3 | 0.6 | 7.2 | 0.2 | 3.8 |
May | 0.3 | 1.5 | 0.0 | 0.6 | 0.6 | 3.9 | 0.9 | 7.5 | 0.1 | 3.1 |
June | 0.1 | 1.6 | 0.3 | 0.8 | 1.0 | 4.6 | 1.2 | 7.6 | 0.3 | 2.2 |
July | 0.1 | 1.7 | 0.4 | 1.1 | 0.2 | 4.3 | -0.2 | 7.3 | 0.2 | 2.6 |
August | 0.1 | 1.5 | 0.1 | 1.1 | 0.1 | 4.4 | 0.3 | 7.4 | 0.5 | 2.8 |
September | 0.0 | 1.4 | 0.1 | 1.2 | 0.3 | 4.6 | 0.1 | 7.2 | 0.3 | 3.0 |
October | -0.1 | 1.5 | -0.2 | 1.1 | 0.6 | 5.4 | 0.3 | 6.9 | 0.0 | 2.7 |
November | 0.1 | 1.9 | 0.1 | 1.1 | 0.6 | 6.0 | 0.1 | 6.4 | 0.0 | 2.5 |
December | -0.1 | 1.9 | 0.2 | 1.4 | 0.2 | 5.9 | -0.1 | 6.1 | 0.0 | 2.6 |
Area | 1-month change | 12-month change |
---|---|---|
Northeast | 0.0 | 2.6 |
New England Division | -0.1 | 2.3 |
Middle Atlantic Division | 0.0 | 2.7 |
The January 2024 Consumer Price Index for the Northeast Region is scheduled to be released on February 13, 2024.
The Consumer Price Index for the Northeast Region is published monthly. 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 U.S. population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 29 percent of the total U.S. 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, 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 Northeast region is comprised of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
The New England division is comprised of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
The Middle Atlantic division is comprised of New Jersey, New York, and Pennsylvania.
Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
Expenditure category | Indexes | Percent change from | |||||
---|---|---|---|---|---|---|---|
Historical data | Oct. 2023 | Nov. 2023 | Dec. 2023 | Dec. 2022 | Oct. 2023 | Nov. 2023 | |
All items | 316.300 | 316.252 | 316.143 | 2.6 | 0.0 | 0.0 | |
All items (December 1977 = 100) | 498.076 | 498.000 | 497.828 | ||||
Food and beverages | 326.008 | 325.397 | 325.301 | 2.5 | -0.2 | 0.0 | |
Food | 328.271 | 327.572 | 327.483 | 2.4 | -0.2 | 0.0 | |
Food at home | 308.342 | 306.717 | 306.005 | 1.0 | -0.8 | -0.2 | |
Cereals and bakery products | 386.634 | 388.714 | 382.875 | 2.5 | -1.0 | -1.5 | |
Meats, poultry, fish, and eggs | 308.970 | 307.669 | 307.787 | -1.0 | -0.4 | 0.0 | |
Dairy and related products | 279.994 | 281.626 | 279.241 | -0.1 | -0.3 | -0.8 | |
Fruits and vegetables | 362.625 | 357.172 | 357.766 | -0.7 | -1.3 | 0.2 | |
Nonalcoholic beverages and beverage materials | 215.927 | 215.612 | 217.392 | 5.2 | 0.7 | 0.8 | |
Other food at home | 280.625 | 277.526 | 276.835 | 1.7 | -1.4 | -0.2 | |
Food away from home | 362.775 | 364.256 | 365.615 | 5.3 | 0.8 | 0.4 | |
Alcoholic beverages | 294.792 | 295.374 | 295.183 | 3.3 | 0.1 | -0.1 | |
Housing | 339.349 | 341.316 | 342.437 | 4.2 | 0.9 | 0.3 | |
Shelter | 417.687 | 419.375 | 422.128 | 6.5 | 1.1 | 0.7 | |
Rent of primary residence | 421.432 | 423.237 | 425.176 | 6.1 | 0.9 | 0.5 | |
Owners' equivalent rent of residences(1) | 433.092 | 435.554 | 437.360 | 6.4 | 1.0 | 0.4 | |
Owners' equivalent rent of primary residence(1) | 432.688 | 435.143 | 436.925 | 6.4 | 1.0 | 0.4 | |
Fuels and utilities | 286.199 | 294.997 | 290.304 | -6.7 | 1.4 | -1.6 | |
Household energy | 254.205 | 263.481 | 258.519 | -8.5 | 1.7 | -1.9 | |
Energy services | 243.595 | 255.200 | 252.083 | -7.6 | 3.5 | -1.2 | |
Electricity | 256.473 | 263.322 | 260.114 | -1.8 | 1.4 | -1.2 | |
Utility (piped) gas service | 201.952 | 221.491 | 218.772 | -18.3 | 8.3 | -1.2 | |
Household furnishings and operations | 143.340 | 142.503 | 142.213 | -0.8 | -0.8 | -0.2 | |
Apparel | 135.288 | 128.189 | 127.171 | 0.7 | -6.0 | -0.8 | |
Transportation | 263.135 | 261.067 | 257.472 | 2.5 | -2.2 | -1.4 | |
Private transportation | 262.200 | 259.919 | 256.584 | 2.8 | -2.1 | -1.3 | |
New and used motor vehicles(2) | 126.272 | 126.799 | 124.402 | -0.7 | -1.5 | -1.9 | |
New vehicles | 175.536 | 175.000 | 174.597 | 1.7 | -0.5 | -0.2 | |
New cars(3) | 165.556 | 165.466 | 164.646 | 0.8 | -0.5 | -0.5 | |
Used cars and trucks | 196.510 | 198.124 | 198.313 | -0.7 | 0.9 | 0.1 | |
Motor fuel | 313.683 | 299.039 | 285.602 | -4.0 | -9.0 | -4.5 | |
Gasoline (all types) | 312.856 | 298.096 | 284.588 | -3.7 | -9.0 | -4.5 | |
Gasoline, unleaded regular(3) | 307.625 | 292.560 | 278.749 | -4.0 | -9.4 | -4.7 | |
341.990 | 328.683 | 316.069 | -2.9 | -7.6 | -3.8 | ||
Gasoline, unleaded premium(3) | 336.743 | 324.423 | 313.370 | -2.1 | -6.9 | -3.4 | |
Medical care | 548.512 | 550.861 | 551.897 | -4.3 | 0.6 | 0.2 | |
Medical care commodities | 400.017 | 403.345 | 404.924 | 3.0 | 1.2 | 0.4 | |
Medical care services | 591.982 | 594.027 | 594.896 | -5.7 | 0.5 | 0.1 | |
Professional services | 423.086 | 424.812 | 424.875 | -1.5 | 0.4 | 0.0 | |
Recreation(2) | 141.088 | 140.427 | 141.161 | 2.7 | 0.1 | 0.5 | |
Education and communication(2) | 154.955 | 154.627 | 154.568 | 0.2 | -0.2 | 0.0 | |
Tuition, other school fees, and child care(5) | 1,414.154 | 1,410.737 | 1,410.104 | 2.5 | -0.3 | 0.0 | |
Other goods and services | 598.691 | 599.697 | 599.255 | 5.9 | 0.1 | -0.1 | |
Commodity and service group | |||||||
Commodities | 229.933 | 227.448 | 225.941 | 0.5 | -1.7 | -0.7 | |
Commodities less food and beverages | 179.821 | 176.693 | 174.684 | -1.0 | -2.9 | -1.1 | |
Nondurables less food and beverages | 233.246 | 226.699 | 223.166 | -0.6 | -4.3 | -1.6 | |
Durables | 121.772 | 121.256 | 120.492 | -1.5 | -1.1 | -0.6 | |
Services | 399.275 | 401.523 | 402.731 | 3.8 | 0.9 | 0.3 | |
Special aggregate indexes | |||||||
All items less shelter | 281.052 | 280.341 | 279.140 | 0.5 | -0.7 | -0.4 | |
All items less medical care | 306.133 | 305.975 | 305.814 | 3.2 | -0.1 | -0.1 | |
Commodities less food | 184.056 | 181.010 | 179.038 | -0.8 | -2.7 | -1.1 | |
Nondurables | 279.085 | 275.433 | 273.576 | 1.2 | -2.0 | -0.7 | |
Nondurables less food | 236.831 | 230.729 | 227.405 | -0.3 | -4.0 | -1.4 | |
Services less rent of shelter(1) | 391.875 | 394.910 | 394.345 | 0.5 | 0.6 | -0.1 | |
Services less medical care services | 386.008 | 388.271 | 389.504 | 4.9 | 0.9 | 0.3 | |
Energy | 278.447 | 278.696 | 270.482 | -6.8 | -2.9 | -2.9 | |
All items less energy | 323.738 | 323.663 | 324.256 | 3.3 | 0.2 | 0.2 | |
All items less food and energy | 324.997 | 325.031 | 325.747 | 3.5 | 0.2 | 0.2 | |
Footnotes |
Last Modified Date: Thursday, January 11, 2024