Midwest consumer prices rise after months of declines

The Midwest Consumer Price Index ticked up 0.3 percent in February after four consecutive months of declines.

The regional index moved to 222.3 last month, compared to 221.55 in January, according to a U.S. Bureau of Labor Statistics news release.

The CPI – which reflects 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 $222.30 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.

Higher motor-fuel prices pushed the month-to-month increase and had the largest effect on the energy index.

Energy prices rose 3.8 percent overall following seven consecutive monthly declines. Motor-fuel prices jumped 11.3 percent in February, the largest one-month gain since the same month in 2013. In contrast, piped utility gas service costs were down 4.5 percent and electricity prices were down 0.6 percent, according to the release.

The food index inched down a tenth of a point in February. In the category, prices for food at home declined 0.3 percent while costs for food away from home increased 0.2 percent.

The category for all other items also was little changed. Within the index, new and used motor vehicle prices rose 0.5 percent and shelter costs moved up 0.1 percent. Offsetting categories included medical care services, for which prices decreased 0.5 percent, and recreation, down 0.4 percent, the BLS reports.

Compared to February 2014, last month’s Midwest CPI was down 0.5 percent, according to the release.[[In-content Ad]]