Midwest CPI drops month-to-month to 218.96
Thursday, August 16, 2012 6:39 AM
The Midwest Consumer Price Index for all urban consumers registered at 218.96 in July, a figure that was down from the previous month but increased compared to July 2011.
In June, the CPI was 219.08, while the July 2011 CPI came in at 216.10.
The CPI - which shows price changes for energy, food and all other items - is measured in comparison to a base period of 1982-84. A typical market basket of goods and services that cost $100 in 1982-84 cost $218.96 last month. The index is not seasonally adjusted, and items are weighted based on their spending importance in certain areas, according to a news release from the U.S. Bureau of Labor Statistics.
The month-to-month shift for the Midwest region, which includes Missouri, was mostly impacted by the energy index, which decreased 0.7 percent in July, its fourth consecutive monthly decline. Motor fuel prices were 2.5 percent lower, and were partially offset by a 4.7 percent rise in costs for piped utility gas service and a 1.1 percent increase in electricity costs.
July food prices increased slightly from June, by 0.1 percent. Within the index, costs for food at home declined 0.1 percent and prices for food away from home rose 0.5 percent, the largest month-to-month increase in nearly a year, according to the BLS.
The index for all other items was unchanged in July due to offsetting movements. Highest prices were recorded in medical care costs, with a 0.5 percent increase, other goods and services, with a 1.2 percent rise, and shelter, which increased 0.1 percent. Apparel had the largest decline in cost, with a 2.3 percent drop, and decreases also occurred for new vehicles, which declined 0.5 percent, and alcoholic beverages, which dropped in price 0.4 percent compared to June.