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14-1554-CHI

Tuesday, August 19, 2014

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Consumer Price Index, Cleveland-Akron – July 2014


The Cleveland-Akron, Ohio, Consumer Price Index for All Urban Consumers (CPI-U) rose 0.5 percent from May to July, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Charlene Peiffer noted that food prices edged up 0.1 percent and energy costs fell 0.2 percent over the bi-monthly period. The index for all items less food and energy increased 0.6 percent. Within this last category, costs were higher for shelter, new and used vehicles, and education and communication over the two-month period. Apparel prices were lower in July compared to May. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Over the past 12 months the Cleveland area all items CPI-U rose 1.4 percent. The energy index rose 1.6 percent from its July 2013 level as all three energy sub-indexes posted annual increases. The index for all items less food and energy rose 1.3 percent over the past 12 months.

Chart 1. Over-the-year percent change in CPI-U, Cleveland-Akron, July 2011-July 2014

Food

Food prices edged up 0.1 percent from May to July following a 0.3-percent increase over the previous bi-monthly period. Between the food index’s two components, prices for food at home (groceries) rose 0.3 percent while food away from home (restaurant, cafeteria, and vending purchases) prices were down 0.2 percent from May to July. Over the year, food at home prices were up 3.3 percent while prices for food away from home rose 1.4 percent. Overall food costs rose 2.4 percent from a year ago.

Energy

The energy index fell 0.2 percent from May to July following a similar 0.2-percent decline over the previous bi-monthly period. In the recent period, increases in costs for electricity (11.3 percent) and to a lesser extent, a 0.6 percent rise in costs for utility (piped) gas services, were more than offset by a 5.6 percent drop in gasoline prices.

Over the year, the energy index was up 1.6 percent. Annual increases in costs for electricity, 2.8 percent; gasoline, 1.0 percent; and utility (piped) gas service, 0.8 percent, were all contributing factors.

All items less food and energy

The index for all items less food and energy rose 0.6 percent from May to July. Among the index’s components, increases were recorded in prices for shelter (1.4 percent), new and used vehicles, and education and communication (1.3 percent).

Over the year, the index for all items less food and energy rose 1.3 percent mostly due to a 2.9-percent annual increase in the cost of shelter. Also contributing, but to a lesser extent, was an annual gain in costs for education and communication (2.3 percent).

____________

The September 2014 Consumer Price Index for Cleveland is scheduled to be released on October 22, 2014, at 8:30 a.m. (ET).


Table A. Percent Changes in the CPI-U, Cleveland-Akron (not seasonally adjusted)
Expenditure Category Percent changes from preceding 2 months 12 mo. ended July '14
2013 2014
July Sep. Nov. Jan. Mar. May July

All items

0.7 -0.4 -0.7 0.3 1.6 0.2 0.5 1.4

Food & beverages

0.1 -0.1 0.4 0.4 1.2 0.3 0.1 2.4

Food

0.1 0.0 0.3 0.4 1.3 0.3 0.1 2.5

Housing

1.9 -1.6 -0.3 0.7 1.8 0.2 1.8 2.6

Apparel

-3.6 8.1 -3.3 -4.3 3.5 -3.9 -1.3 -1.8

Transportation

-0.8 0.0 -3.5 0.6 2.5 1.3 -1.3 -0.7

Medical care

0.7 0.7 -0.1 0.4 1.7 -1.6 -0.1 0.9

Recreation

1.0 -0.5 0.2 -0.1 -0.8 1.4 -0.2 0.0

Education & communication

0.8 0.6 0.1 -0.3 0.7 -0.1 1.3 2.3

Other goods & services

0.6 -0.8 1.0 0.5 0.4 1.3 -1.6 0.7

Special Indexes

Energy

-0.2 -4.7 -4.8 3.5 8.7 -0.2 -0.2 1.6

All items less food & energy

0.9 0.1 -0.4 -0.1 0.8 0.2 0.6 1.3

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 26,000 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 Cleveland-Akron, Ohio consolidated area covered in this release is comprised of Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Medina, Portage, and Summit Counties in Ohio.

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

Cleveland-Akron, OH (1982-84=100 unless otherwise noted)
Item and Group

Indexes
Percent change from-
May
2014
Jun.
2014
Jul.
2014
Jul.
2013
May
2014
Jun.
2014

Expenditure category

All items

221.413 - 222.410 1.4 0.5 -

All items (1967=100)

709.513 - 712.708 - - -

Food and beverages

246.007 - 246.191 2.4 0.1 -

Food

251.137 - 251.439 2.5 0.1 -

Food at home

246.274 244.300 247.079 3.3 0.3 1.1

Food away from home

261.625 - 261.157 1.4 -0.2 -

Alcoholic beverages

188.603 - 187.393 0.0 -0.6 -

Housing

201.177 - 204.765 2.6 1.8 -

Shelter

230.092 232.502 233.412 2.9 1.4 0.4

Rent of primary residence (1)

227.285 228.030 228.156 1.3 0.4 0.1

Owners' equiv. rent of residences (1) (2)

223.832 224.254 224.155 2.0 0.1 0.0

Owners' equiv. rent of primary residence (1) (2)

223.832 224.254 224.155 2.0 0.1 0.0

Fuels and utilities

200.319 - 210.447 3.1 5.1 -

Household energy

170.087 184.378 181.068 1.9 6.5 -1.8

Energy services (1)

168.209 183.089 179.630 1.9 6.8 -1.9

Electricity (1)

163.710 185.154 182.213 2.8 11.3 -1.6

Utility (piped) gas service (1)

156.003 160.750 156.991 0.8 0.6 -2.3

Household furnishings and operations

118.501 - 118.360 1.1 -0.1 -

Apparel

127.298 - 125.611 -1.8 -1.3 -

Transportation

219.175 - 216.229 -0.7 -1.3 -

Private transportation

220.082 - 217.572 -0.2 -1.1 -

Motor fuel

376.759 389.896 355.694 1.3 -5.6 -8.8

Gasoline (all types)

372.594 385.603 351.757 1.0 -5.6 -8.8

Gasoline, unleaded regular (3)

362.410 374.582 341.855 0.8 -5.7 -8.7

Gasoline, unleaded midgrade (3) (4)

379.080 394.547 358.330 1.4 -5.5 -9.2

Gasoline, unleaded premium (3)

359.002 371.576 340.242 1.9 -5.2 -8.4

Medical care

393.836 - 393.559 0.9 -0.1 -

Recreation (5)

116.348 - 116.089 0.0 -0.2 -

Education and communication (5)

125.314 - 126.885 2.3 1.3 -

Other goods and services

408.334 - 401.873 0.7 -1.6 -

Commodity and service group

All items

221.413 - 222.410 1.4 0.5 -

Commodities

196.707 - 194.907 0.9 -0.9 -

Commodities less food & beverages

170.160 - 167.616 0.0 -1.5 -

Nondurables less food & beverages

229.575 - 222.780 0.1 -3.0 -

Durables

109.850 - 110.636 0.4 0.7 -

Services

247.470 - 250.985 1.9 1.4 -

Special aggregate indexes

All items less medical care

213.451 - 214.501 1.5 0.5 -

All items less shelter

220.018 - 220.066 0.8 0.0 -

Commodities less food

171.097 - 168.588 0.0 -1.5 -

Nondurables

239.217 - 235.719 1.2 -1.5 -

Nondurables less food

226.560 - 220.143 0.1 -2.8 -

Services less rent of shelter (2)

271.709 - 275.457 0.8 1.4 -

Services less medical care services

236.344 - 240.070 2.1 1.6 -

Energy

247.476 261.519 246.910 1.6 -0.2 -5.6

All items less energy

220.916 - 222.074 1.5 0.5 -

All items less food and energy

215.759 - 217.056 1.3 0.6 -

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.

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