Philadelphia Area Consumer Price Index – March 2010 (PDF)

Philadelphia area energy prices increased, while food at home and shelter prices declined in March, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), the U.S. Bureau of Labor Statistics reported today. Sheila Watkins, the Bureau’s regional commissioner, noted that only food at home prices were lower than their year-ago levels; the food at home index declined 1.2 percent, while prices for energy and shelter were 15.1 percent and 1.9 percent higher, respectively. (See table 1.)

Following a 1.1-percent decline in February, energy prices rose 1.5 percent in March. The recent advance was due largely to higher gasoline prices, which were up 2.9 percent over the month and 38.1 percent since March 2009. A 2.3-percent increase in prices for utility (piped) gas service also contributed to the recent one-month rise in the overall energy index. Over the year, the utility (piped) gas service index dropped 7.0 percent—its 13th consecutive 12-month decrease. Electricity prices declined in March, down 0.5 percent. Despite the recent decrease, electricity prices were 2.1 percent higher over the year.

The Philadelphia area energy index stood at 207.475 on the 1982-84 reference base, which means that energy users in the Philadelphia area would have had to spend $20.75 last month for a group of energy items that cost $10.00 in 1982-84.

The food at home index fell 1.7 percent in March—the largest one-month decrease since May 2009. Lower prices for a number of items including chicken and ice cream and related products were partially offset by higher prices for items such as uncooked beef steaks and other pork including roasts and picnics.

The Philadelphia area food at home index stood at 213.847 on the 1982-84 reference base, which means that grocery shoppers in the Philadelphia area would have had to spend $21.38 last month for a market basket of food items that cost $10.00 in 1982-84.

Following a 0.4-percent increase in February, shelter prices decreased 0.2 percent in March due largely to a 0.5-percent decrease in owners’ equivalent rent of residences. Also contributing to the overall decline in the shelter index were lower prices for rent of primary residence, down 0.4 percent over the month. Over the year, the owner’s equivalent rent of residences and rent of primary residence indexes increased 2.7 percent and 0.6 percent, respectively.

The Philadelphia area shelter index stood at 280.336 on the 1982-84 reference base, which means that local residents would have had to spend $28.03 last month for various types of shelter that cost $10.00 in 1982-84.

The Philadelphia-Wilmington-Atlantic City, Pa.-N.J.-Del.-Md., Consolidated Metropolitan Statistical Area (CMSA) includes Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties in Pennsylvania; Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, and Salem Counties in New Jersey; New Castle County in Delaware; and Cecil County in Maryland.