What to Know
- The U.S. Department of Labor recently released its Consumer Price Index (CPI) for the New York-Newark-Jersey City region
- There was a decrease in the prices of: cereals and bakery goods; meats, poultry, fish and eggs; and nonalcoholic beverages
- Recreation, medical care, education and communication also saw lower prices
Although area prices have risen over the past month, shoppers can breathe a sigh of relief when they head over to the grocery store to purchase certain items.
The U.S. Department of Labor recently released its Consumer Price Index (CPI) for the New York-Newark-Jersey City region Tuesday and the stats show that it is the optimal time for consumers to head over to grocery stores and buy certain items now that prices have actually decreased.
The most recent analyses determined that there are certain foods that saw a decrease in their prices in May. These groups include: cereals and bakery goods; meats, poultry, fish and eggs; and nonalcoholic beverages which include carbonated drinks.
While these products saw a dip in prices, overall food and beverage prices have increased.
Over a month’s span, from April to May, food prices inched up 0.1 percent, following a 0.7-percent increase in April. A 0.3-percent decline in prices for food at home largely offset a 0.7-percent increase in prices for food away from home, according to the Department of Labor.
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From May 2017 to May 2018, the food index increased 2.3 percent, with prices 3.5 percent higher for food away from home and 1.4 percent higher for food at home.
Consumer prices for the area increased 0.4 percent overall in May, following a 0.9-percent increase in April. Over the year, however, the price index increased 2.2 percent. According to Chief Regional Economist Martin Kohli this is due to higher prices of energy.
The latest report indicates that energy prices rose 4.6 percent in May after a 1.4-percent increase the previous month. Gasoline prices climbed 7.2 percent, while household energy prices also rose 2.6 percent after an April decline. There was also a 4.1-percent increase in natural gas prices and a 3-percent rise in electricity in May.
Additionally, the price index for all items, excluding food and energy, rose 0.1 percent for the second consecutive month, according to the report, with shelter prices going up 0.2 percent, due to higher prices for lodging away from home. Residential rent increased 0.1 percent.
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Outside of shelter, apparel prices increased 1.2 percent, household furnishings and operations rose 1.1 percent. The report also determined that there was an uptick in airline fares.
Additionally, the report showcased that there were a few dips in prices that offset these increases, including lower prices for recreation, medical care, education and communication.
A CPI measures changes in the price level of market basket of consumer goods and services purchased by households.
The CPI is based the price of food, clothing, shelter, fuels, transportation fares, doctors' and dentists' services, drugs, goods and other services that people buy for day-to-day living.