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Thursday, February 20, 2014

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Consumer Price Index, Portland – Second Half 2013

Area prices up 1.5 percent over the past six months, up 2.8 percent from a year ago

Prices in the greater Portland area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 1.5 percent in the second half of 2013, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Richard J. Holden noted the latest six-month increase was influenced by higher prices for shelter and food. (Data in this report are not seasonally adjusted. Accordingly, six-month-to-six-month changes may reflect seasonal influences.)

Over the past 12 months, the CPI-U rose 2.8 percent. (See chart 1.) Energy prices declined 2.6 percent, mainly due to a decrease in the price of gasoline. The index for all items less food and energy increased 3.2 percent over the year.

Chart 1. Over-the-year percent change in CPI-U, Portland, First half of 2010  Second half of 2013

Food

Food prices advanced 1.8 percent in the second half of 2013. (See table 1.) Prices for food away from home rose 3.2 percent and prices for food at home were up 0.3 percent for the past six months.

For the year ending in the second half of 2013, food prices increased 3.5 percent. Prices for food away from home rose 6.4 percent during the past 12 months, and prices for food at home increased 1.3 percent.

Energy

The energy index decreased 1.5 percent since the first half of 2013. This decline was strongly influenced by the price of gasoline, which declined 3.1 percent. Electricity prices gained 0.8 percent, and natural gas service prices gained 0.3 percent for the same period.

Energy prices declined 2.6 percent over the year, influenced by a 3.4 percent decrease in gasoline prices. Natural gas service prices declined by 3.9 percent, and electricity prices declined 0.9 percent during the past 12 months.