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Tuesday, March 12, 2024
Prices in the Northeast Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), were up 0.5 percent in February, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Alexandra Hall Bovee noted that the rise was mainly due to a matching price percentage increase in the all items less food and energy index. The energy index also rose, up 0.6 percent over the month. The index for food declined 0.1 percent. (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 2.4 percent, the smallest increase since June 2023. (See chart 1.) The February advance was primarily due to a 3.2-percent rise in the all items less food and energy index, which was led by increases within the shelter index. The food index rose 1.9 percent, mainly due to increased prices for food away from home. The energy index decreased 5.2 percent over the year. (See table 1.)
FoodIn February, the food index decreased 0.1 percent over the month (moderating after rising 0.8 percent in January) as the food at home index declined 0.3 percent. (See table 1.) The indexes that contributed to the decrease were meats, poultry, fish, and eggs (down 0.9 percent), fruits and vegetables (down 0.6 percent), and dairy and related products (down 1.0 percent). Cereals and bakery products (up 0.1 percent mainly due to price increases for cakes, cupcakes, and cookies), other food at home (up 0.4 percent), and nonalcoholic beverages and beverage materials (up 0.1 percent) increased and tempered the overall index decline. The food away from home index rose 0.1 percent.
From February 2023 to February 2024, the food index increased 1.9 percent, the smallest increase since June 2021, as the food away from home index advanced 4.9 percent (the smallest rise since August 2021). Prices for food at home were up 0.5 percent, led by a 2.4-percent increase in the cereals and bakery products index. Nonalcoholic beverages and beverage materials (up 2.6 percent) and other food at home (up 1.2 percent) also rose. The meats, poultry, fish, and eggs index and the dairy and related products index counteracted the overall index increase as they both declined 1.5 percent over the year.
EnergyThe energy index increased 0.6 percent over the month (the same as in January), driven primarily by a 1.6-percent rise in the gasoline index (the first time the index has risen since September 2023). Fuel oil prices also rose, and the utility (piped) gas service index was up 0.5 percent. Prices for electricity decreased 0.8 percent in February and offset some of the energy index rise.
Over the year, energy prices were down 5.2 percent as all energy components declined. The February decrease was driven by lower prices for utility (piped) gas service (down 12.8 percent, moderating from the 23.1-percent decline in September 2023). The gasoline index was down 4.4 percent, electricity declined 2.0 percent, and fuel oil also decreased.
All items less food and energyThe index for all items less food and energy was up 0.5 percent in February due to widespread increases throughout the index categories. Prices for shelter were up 0.3 percent, led by a 0.5-percent increase in the owners’ equivalent rent of residences index and followed by an equivalent increase in the rent of primary residence index. The lodging away from home index declined. The apparel index was up 2.9 percent—it has increased every year in February since 1993. Prices for recreation increased 0.9 percent, the largest rise since June 2021. The household furnishings and operations index increased 0.8 percent and also contributed to the overall rise in the all items less food and energy index.
Over the year, the index for all items less food and energy was up 3.2 percent, the smallest rise since September 2021, primarily due to a 5.8-percent increase in the shelter index. Within shelter, the owners’ equivalent rent of residences index was up 6.0 percent as rent of primary residence increased 5.6 percent. The other goods and service index (up 4.8 percent) and the recreation index (up 1.9 percent) also contributed to the overall index rise. A 2.2-percent decline in the medical care index tempered the increases, led by a 3.4-percent decrease in prices for medical care services.
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 up 0.5 percent. The CPI-U for the New England division rose 0.4 percent.
Over the year, the all items index rose 2.6 percent in the Middle Atlantic division and 2.1 percent in the New England division. (See table B.)
Month | 2020 | 2021 | 2022 | 2023 | 2024 | |||||
---|---|---|---|---|---|---|---|---|---|---|
1-month | 12-month | 1-month | 12-month | 1-month | 12-month | 1-month | 12-month | 1-month | 12-month | |
January | 0.7 | 2.3 | 0.4 | 1.1 | 0.8 | 6.3 | 0.7 | 6.0 | 0.6 | 2.5 |
February | 0.3 | 2.4 | 0.4 | 1.2 | 0.7 | 6.6 | 0.5 | 5.9 | 0.5 | 2.4 |
March | -0.2 | 1.7 | 0.6 | 2.1 | 1.3 | 7.3 | -0.2 | 4.3 | ||
April | -0.4 | 0.8 | 0.7 | 3.3 | 0.6 | 7.2 | 0.2 | 3.8 | ||
May | 0.0 | 0.6 | 0.6 | 3.9 | 0.9 | 7.5 | 0.1 | 3.1 | ||
June | 0.3 | 0.8 | 1.0 | 4.6 | 1.2 | 7.6 | 0.3 | 2.2 | ||
July | 0.4 | 1.1 | 0.2 | 4.3 | -0.2 | 7.3 | 0.2 | 2.6 | ||
August | 0.1 | 1.1 | 0.1 | 4.4 | 0.3 | 7.4 | 0.5 | 2.8 | ||
September | 0.1 | 1.2 | 0.3 | 4.6 | 0.1 | 7.2 | 0.3 | 3.0 | ||
October | -0.2 | 1.1 | 0.6 | 5.4 | 0.3 | 6.9 | 0.0 | 2.7 | ||
November | 0.1 | 1.1 | 0.6 | 6.0 | 0.1 | 6.4 | 0.0 | 2.5 | ||
December | 0.2 | 1.4 | 0.2 | 5.9 | -0.1 | 6.1 | 0.0 | 2.6 |
Area | 1-month change | 12-month change |
---|---|---|
Northeast | 0.5 | 2.4 |
New England Division | 0.4 | 2.1 |
Middle Atlantic Division | 0.5 | 2.6 |
The March 2024 Consumer Price Index for the Northeast Region is scheduled to be released on April 10, 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 | Dec. 2023 | Jan. 2024 | Feb. 2024 | Feb. 2023 | Dec. 2023 | Jan. 2024 | |
All items | 316.143 | 318.133 | 319.577 | 2.4 | 1.1 | 0.5 | |
All items (December 1977 = 100) | 497.828 | 500.963 | 503.237 | ||||
Food and beverages | 325.301 | 327.728 | 327.137 | 1.9 | 0.6 | -0.2 | |
Food | 327.483 | 330.070 | 329.662 | 1.9 | 0.7 | -0.1 | |
Food at home | 306.005 | 309.247 | 308.361 | 0.5 | 0.8 | -0.3 | |
Cereals and bakery products | 382.875 | 387.418 | 387.709 | 2.4 | 1.3 | 0.1 | |
Meats, poultry, fish, and eggs | 307.787 | 311.662 | 308.753 | -1.5 | 0.3 | -0.9 | |
Dairy and related products | 279.241 | 280.637 | 277.943 | -1.5 | -0.5 | -1.0 | |
Fruits and vegetables | 357.766 | 363.066 | 360.819 | -0.1 | 0.9 | -0.6 | |
Nonalcoholic beverages and beverage materials | 217.392 | 220.846 | 221.102 | 2.6 | 1.7 | 0.1 | |
Other food at home | 276.835 | 278.172 | 279.156 | 1.2 | 0.8 | 0.4 | |
Food away from home | 365.615 | 366.928 | 367.438 | 4.9 | 0.5 | 0.1 | |
Alcoholic beverages | 295.183 | 295.446 | 292.405 | 1.8 | -0.9 | -1.0 | |
Housing | 342.437 | 345.324 | 346.555 | 3.9 | 1.2 | 0.4 | |
Shelter | 422.128 | 424.528 | 425.974 | 5.8 | 0.9 | 0.3 | |
Rent of primary residence | 425.176 | 426.573 | 428.770 | 5.6 | 0.8 | 0.5 | |
Owners' equivalent rent of residences(1) | 437.360 | 439.046 | 441.139 | 6.0 | 0.9 | 0.5 | |
Owners' equivalent rent of primary residence(1) | 436.925 | 438.611 | 440.700 | 6.0 | 0.9 | 0.5 | |
Fuels and utilities | 290.304 | 299.492 | 299.600 | -4.0 | 3.2 | 0.0 | |
Household energy | 258.519 | 268.337 | 268.062 | -5.2 | 3.7 | -0.1 | |
Energy services | 252.083 | 262.967 | 261.801 | -5.6 | 3.9 | -0.4 | |
Electricity | 260.114 | 274.352 | 272.024 | -2.0 | 4.6 | -0.8 | |
Utility (piped) gas service | 218.772 | 222.316 | 223.513 | -12.8 | 2.2 | 0.5 | |
Household furnishings and operations | 142.213 | 143.500 | 144.672 | -0.7 | 1.7 | 0.8 | |
Apparel | 127.171 | 130.013 | 133.770 | -1.9 | 5.2 | 2.9 | |
Transportation | 257.472 | 256.583 | 258.911 | 2.4 | 0.6 | 0.9 | |
Private transportation | 256.584 | 255.959 | 257.930 | 2.8 | 0.5 | 0.8 | |
New and used motor vehicles(2) | 124.402 | 123.947 | 124.644 | 0.0 | 0.2 | 0.6 | |
New vehicles | 174.597 | 174.821 | 174.890 | 1.2 | 0.2 | 0.0 | |
New cars(3) | 164.646 | 165.225 | 164.792 | 0.3 | 0.1 | -0.3 | |
Used cars and trucks | 198.313 | 190.773 | 191.771 | -0.7 | -3.3 | 0.5 | |
Motor fuel | 285.602 | 275.692 | 280.019 | -4.6 | -2.0 | 1.6 | |
Gasoline (all types) | 284.588 | 274.708 | 279.095 | -4.4 | -1.9 | 1.6 | |
Gasoline, unleaded regular(3) | 278.749 | 268.749 | 273.415 | -4.7 | -1.9 | 1.7 | |
316.069 | 305.778 | 308.449 | -3.3 | -2.4 | 0.9 | ||
Gasoline, unleaded premium(3) | 313.370 | 304.373 | 307.156 | -2.6 | -2.0 | 0.9 | |
Medical care | 551.897 | 561.852 | 562.889 | -2.2 | 2.0 | 0.2 | |
Medical care commodities | 404.924 | 412.457 | 412.870 | 4.2 | 2.0 | 0.1 | |
Medical care services | 594.896 | 605.554 | 606.782 | -3.4 | 2.0 | 0.2 | |
Professional services | 424.875 | 428.919 | 428.869 | -0.8 | 0.9 | 0.0 | |
Recreation(2) | 141.161 | 140.023 | 141.310 | 1.9 | 0.1 | 0.9 | |
Education and communication(2) | 154.568 | 155.018 | 155.401 | 0.3 | 0.5 | 0.2 | |
Tuition, other school fees, and child care(5) | 1,410.104 | 1,409.045 | 1,410.151 | 2.2 | 0.0 | 0.1 | |
Other goods and services | 599.255 | 602.977 | 608.833 | 4.8 | 1.6 | 1.0 | |
Commodity and service group | |||||||
Commodities | 225.941 | 226.532 | 227.473 | 0.1 | 0.7 | 0.4 | |
Commodities less food and beverages | 174.684 | 174.501 | 176.018 | -1.2 | 0.8 | 0.9 | |
Nondurables less food and beverages | 223.166 | 223.281 | 226.697 | -0.6 | 1.6 | 1.5 | |
Durables | 120.492 | 120.145 | 120.252 | -2.0 | -0.2 | 0.1 | |
Services | 402.731 | 406.062 | 407.988 | 3.7 | 1.3 | 0.5 | |
Special aggregate indexes | |||||||
All items less shelter | 279.140 | 280.996 | 282.454 | 0.6 | 1.2 | 0.5 | |
All items less medical care | 305.814 | 307.449 | 308.913 | 2.8 | 1.0 | 0.5 | |
Commodities less food | 179.038 | 178.867 | 180.268 | -1.1 | 0.7 | 0.8 | |
Nondurables | 273.576 | 274.825 | 276.282 | 0.9 | 1.0 | 0.5 | |
Nondurables less food | 227.405 | 227.529 | 230.540 | -0.4 | 1.4 | 1.3 | |
Services less rent of shelter(1) | 394.345 | 398.991 | 401.467 | 1.3 | 1.8 | 0.6 | |
Services less medical care services | 389.504 | 392.334 | 394.307 | 4.5 | 1.2 | 0.5 | |
Energy | 270.482 | 272.000 | 273.665 | -5.2 | 1.2 | 0.6 | |
All items less energy | 324.256 | 326.312 | 327.759 | 3.0 | 1.1 | 0.4 | |
All items less food and energy | 325.747 | 327.723 | 329.505 | 3.2 | 1.2 | 0.5 | |
Footnotes |
Last Modified Date: Tuesday, March 12, 2024