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Consumer Price Index, New York-Northern New Jersey – June 2016

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Consumer Price Index, New York-Northern New Jersey – June 2016

July 22, 2016 - 13:40
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Consumer Price Index, New York-Northern New Jersey – June 2016

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NEW YORK, NY -- Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), rose for the sixth consecutive month, up 0.3 percent in June, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the increase primarily to higher prices for energy. (Data in this report are not seasonally adjusted.

Accordingly, month-to-month changes may reflect the impact of seasonal influences.) 

Over the year, the CPI-U was up 1.0 percent. (See table A.) The index for all items less food and energy increased 2.0 percent. (See chart 1.) Higher prices for shelter drove the 12-month change in both indexes. 

Food

The food index ticked up 0.1 percent, following a 0.5-percent decrease in May. Prices for food at home were unchanged. Price increases for fresh fish and seafood, apples, and baby food were offset by price declines for other groceries, including lettuce and cheese. Prices for food away from home edged up 0.2 percent.

Over the year, the food index rose 0.4 percent, reflecting a 3.2-percent increase for away-from-home food prices which was largely offset by a 1.6-percent decline in at-home food prices.

Energy

The energy index recorded its fourth consecutive increase, a rise of 4.2 percent. The June advance was primarily driven by a 5.5-percent increase in household energy prices. Electricity prices jumped 8.8 percent with seasonal surcharges. Higher prices were also recorded for natural gas (0.2 percent) and for fuel oil. Gasoline prices also rose (2.2 percent), but at a slower rate than each of the two prior months.

From June 2015 to June 2016, energy prices dropped 10.2 percent. Gasoline prices fell 16.0 percent. Household energy prices were down 6.0 percent, with lower charges for electricity (-4.9 percent) and for natural gas (-1.1 percent).

AllitemslessfoodandenergyThe index for all items less food and energy was unchanged in June. A 4.4-percent decline in prices for apparel, not uncommon at this time of year, along with lower prices for household furnishings and for new and used motor vehicles, were offset by price increases for shelter (0.3 percent) and for medical care (1.2 percent). Within shelter, prices rose 0.4 percent for owners’ equivalent rent and 0.1 percent for residential rent.

For the year ended in June 2016, the index for all items less food and energy increased 2.0 percent. Shelter prices rose 3.1 percent, reflecting a 3.6-percent increase in residential rent and a 2.9-percent rise in owners’ equivalent rent. Medical care prices advanced 5.1 percent, and prices for other goods and services increased 2.7 percent. No other category recorded an increase exceeding 2.0 percent.