New York-New Jersey Information Office

News Release Information

14–456–NEW

Tuesday, March 18, 2014

Contacts

Technical information:
Media contact:
  • Martin Kohli (646) 264-3620

Consumer Price Index, New York-Northern New Jersey – February 2014

Area prices down 0.2 percent over the month and up 1.1 percent over the year

Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), edged down 0.2 percent in February, following a 0.9-percent jump in January, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the decline to lower prices for household energy. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)

Over the year, the CPI-U increased 1.1 percent, and the index for all items less food and energy rose 1.4 percent. (See table A. ) The 12-month percentage increase in both indexes slowed since January. (See chart 1.)

Chart 1. Over-the-year percent change in CPI-U, New York-Northern New Jersey-Long Island, February 2011-February 2014

Food

The food index rose 0.3 percent for the second consecutive month. After a 0.4-percent rise in January, the food at home index increased 0.3 percent. Groceries with higher February prices included biscuits, rolls, and muffins; beef; and apples. Away-from-home food prices edged up 0.2 percent for the second straight month.

From February 2013 to February 2014, the food index increased 0.8 percent. (See table 1.) Prices for food at home rose 0.3 percent, and prices for food away from home advanced 1.5 percent. For both components, the 12-month percentage change increased since January.

Energy

After climbing 7.6 percent in January, energy prices retreated 3.4 percent, primarily due to a drop in household energy prices. Electricity charges fell 11.0 percent, and natural gas prices declined 1.1 percent. On the other hand, prices rose for gasoline (0.4 percent) and for fuel oil.

For the year ended February 2014, energy prices decreased 1.5 percent. Household energy was up 3.2 percent— a 5.5 percent rise in electricity charges was partially offset by a 1.6-percent decline in natural gas prices. Gasoline prices fell 6.8 percent.

All items less food and energy

The index for all items less food and energy was unchanged over the month, following a 0.3-percent rise in January. Shelter prices ticked down 0.1 percent with residential and owners’ equivalent rent each edging down 0.2 percent. Prices also declined for household furnishings and operations (-0.6 percent), and for education and communication (-0.4 percent). In addition, prices for both recreation and other goods and services dipped 0.2 percent. Offsetting these declines were medical care prices, which increased 0.6 percent, and apparel prices, which rose 1.3 percent.

Over the year, the index for all items less food and energy increased 1.4 percent. Shelter prices rose 2.7 percent, reflecting increases for owners’ equivalent rent (2.8 percent) and residential rent (2.6 percent). Medical care prices rose 1.9 percent. These increases were tempered by declines in the indexes for apparel and for household furnishings and operations—down 2.7 and 2.8 percent, respectively.

Table A. New York-Northern New Jersey CPI-U 1-month and 12-month percent changes (not seasonally adjusted)
Month 2009 2010 2011 2012 2013 2014
Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual

January

0.2 1.5 0.2 2.4 0.3 1.5 0.4 2.8 0.5 2.2 0.9 1.9

February

0.5 1.6 0.0 1.8 0.5 2.1 0.4 2.6 0.6 2.4 -0.2 1.1

March

0.2 0.8 0.5 2.1 0.7 2.3 0.6 2.6 0.1 1.9

April

0.2 0.8 0.2 2.1 0.4 2.5 0.4 2.4 -0.2 1.4

May

0.2 -0.1 0.2 2.2 0.6 2.9 0.1 1.8 0.1 1.4

June

0.5 -0.6 -0.1 1.5 0.2 3.2 -0.1 1.6 0.3 1.8

July

0.2 -1.1 0.1 1.5 0.3 3.3 -0.2 1.1 0.2 2.1

August

0.3 -0.9 0.2 1.4 0.4 3.5 0.6 1.4 0.1 1.7

September

0.1 -0.6 0.0 1.2 0.2 3.8 0.4 1.6 0.3 1.6

October

-0.1 0.0 0.2 1.5 -0.2 3.3 -0.1 1.7 -0.6 1.1

November

0.2 1.8 0.0 1.3 -0.3 3.0 0.0 2.0 0.1 1.2

December

-0.1 2.3 0.0 1.4 -0.4 2.7 -0.3 2.1 0.0 1.5

CPI-W

In February, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was 254.782, down 0.3 percent over the month. The CPI-W increased 1.0 percent over the year.

The March 2014 Consumer Price Index for New York-Northern New Jersey-Long Island is scheduled to be released on Tuesday, April 15, 2014 at 8:30 a.m. (ET).

Technical Note

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 88 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 29 percent of the total 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, and 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 87 urban areas across the country from about 4,000 housing units and approximately 25,000 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 (1982-84) that equals 100.0. An increase of 16.5 percent, for example, is shown as 116.5. This change can also be expressed in dollars as follows: the price of a base period "market basket" of goods and services in the CPI has risen from $10 in 1982-84 to $11.65. For further details see the CPI home page on the Internet at www.bls.gov/cpi and the BLS Handbook of Methods, Chapter 17, The Consumer Price Index, available on the Internet at www.bls.gov/opub/hom/homch17_a.htm.

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 New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. consolidated area covered in this release is comprised of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.

Information in this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.

Table 1. 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)(not seasonally adjusted)
Item and Group Indexes Percent change from-
Dec.
2013
Jan.
2014
Feb.
2014
Feb.
2013
Dec.
2013
Jan.
2014

Expenditure category

All items

257.284 259.596 259.019 1.1 0.7 -0.2

All items (1967=100)

743.771 750.456 748.789

Food and beverages

246.411 246.980 247.642 0.7 0.5 0.3

Food

245.995 246.735 247.380 0.8 0.6 0.3

Food at home

245.138 246.015 246.684 0.3 0.6 0.3

Food away from home

253.684 254.255 254.884 1.5 0.5 0.2

Alcoholic beverages

248.447 246.399 247.315 -0.8 -0.5 0.4

Housing

272.862 277.625 275.507 2.3 1.0 -0.8

Shelter

336.321 337.998 337.637 2.7 0.4 -0.1

Rent of primary residence (1)

343.180 344.509 343.730 2.6 0.2 -0.2

Owners' equivalent rent of residences (1) (2)

344.227 345.598 344.896 2.8 0.2 -0.2

Owners' equivalent rent of primary residence (1) (2)

344.054 345.395 344.667 2.8 0.2 -0.2

Fuels and utilities

199.374 224.735 212.115 3.2 6.4 -5.6

Household energy

194.914 223.220 209.056 3.2 7.3 -6.3

Energy services (1)

178.029 207.632 190.414 3.2 7.0 -8.3

Electricity (1)

186.307 220.919 196.509 5.5 5.5 -11.0

Utility (piped) gas service (1)

156.121 174.615 172.649 -1.6 10.6 -1.1

Household furnishings and operations

118.010 118.714 117.975 -2.8 0.0 -0.6

Apparel

121.634 122.918 124.534 -2.7 2.4 1.3

Transportation

230.241 228.692 229.720 -0.9 -0.2 0.4

Private transportation

217.198 216.723 217.412 -1.2 0.1 0.3

Motor fuel

277.483 276.253 277.538 -6.7 0.0 0.5

Gasoline (all types)

276.211 274.974 276.194 -6.8 0.0 0.4

Gasoline, unleaded regular (3)

278.217 276.589 277.960 -7.2 -0.1 0.5

Gasoline, unleaded midgrade (3) (4)

279.089 279.014 279.746 -6.1 0.2 0.3

Gasoline, unleaded premium (3)

275.063 274.909 275.272 -5.7 0.1 0.1

Medical care

427.350 428.633 431.317 1.9 0.9 0.6

Recreation (5)

118.869 120.342 120.090 0.6 1.0 -0.2

Education and communication (5)

140.825 140.851 140.306 0.1 -0.4 -0.4

Other goods and services

395.774 398.742 397.908 1.1 0.5 -0.2

Commodity and service group

All items

257.284 259.596 259.019 1.1 0.7 -0.2

Commodities

192.068 192.987 193.544 -1.1 0.8 0.3

Commodities less food and beverages

156.314 157.357 157.835 -2.5 1.0 0.3

Nondurables less food and beverages

199.394 200.912 202.252 -2.5 1.4 0.7

Durables

101.580 102.060 101.610 -2.7 0.0 -0.4

Services

313.197 316.650 315.167 2.3 0.6 -0.5

Special aggregate indexes

All items less medical care

249.794 252.137 251.438 1.0 0.7 -0.3

All items less shelter

226.420 229.027 228.353 0.2 0.9 -0.3

Commodities less food

160.074 161.033 161.528 -2.5 0.9 0.3

Nondurables

225.185 226.266 227.298 -0.8 0.9 0.5

Nondurables less food

202.676 204.008 205.330 -2.3 1.3 0.6

Services less rent of shelter (2)

298.878 304.519 301.660 1.8 0.9 -0.9

Services less medical care services

303.893 307.452 305.751 2.3 0.6 -0.6

Energy

229.165 246.581 238.122 -1.5 3.9 -3.4

All items less energy

261.855 262.742 262.914 1.3 0.4 0.1

All items less food and energy

266.417 267.337 267.424 1.4 0.4 0.0

Footnotes
(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.

NOTE: Index applies to a month as a whole, not to any specific date.
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.