The Consumer Price Index for All Urban Consumers (CPI-U) for the New York-Newark-Jersey City area in September, released by the U.S. Bureau of Labor Statistics (BLS) on Oct. 14, rose 4.5% from a year earlier. Energy jumped 21.5% and gasoline 36.9%, leading the increase. Rent rose 4.5% and dining out 3.6%.
Prices in the New York-Newark-Jersey City area rose 4.5% over the past year, according to the September Consumer Price Index (CPI-U) released by the U.S. Bureau of Labor Statistics (BLS) on Oct. 14. From August to September alone, prices rose 0.4%.
Energy was the main driver. The energy index jumped 21.5% from a year earlier, with gasoline rising 36.9%. From August to September alone, energy rose 3.8% and gasoline 7.0%. Energy had fallen 2.5% in August, so that decline was reversed within a month.
Rent up 4.5%, dining out up 3.6%
Core prices, which exclude volatile food and energy costs, rose 3.7% over the year. Within that, shelter costs rose 4.5%. Owners' equivalent rent (the estimated amount homeowners would pay to rent their own homes) rose 5.1%, while actual rent rose 4.0%.
Food prices rose 2.7% over the year. Food bought at stores for eating at home rose 2.1%, while the cost of eating out at restaurants and cafés rose 3.6%, widening the gap. Five of the six major grocery categories rose from a year earlier, with fruits and vegetables up 3.8% and nonalcoholic beverages up 5.6%.
Only energy moved over the month
Looking at August to September alone, energy was effectively the only category that moved. Mark Magee, the BLS regional commissioner, said, "Energy prices rose 3.8%, while the index excluding food and energy rose just 0.2% and food rose only 0.1%." Shelter rose 0.3%.
These figures are not seasonally adjusted, which means they fully reflect seasonal factors, such as heating costs that rise as winter approaches. The BLS also notes that regional indexes have smaller samples than the national index and are therefore more volatile.
Over the same period, national consumer prices rose 3.7% from a year earlier. While that puts the New York area above the national figure, the BLS states explicitly that regional indexes cannot be used to compare price levels between areas. They show only each area's change relative to its own base period.
The October figures will be released at 8:30 a.m. Eastern time on Nov. 10.