Midwest CPI slips on lower gas prices

While the October Midwest Consumer Price Index declined month-to-month, it increased from the same month of 2013.

The U.S. Bureau of Labor Statistics reports the Midwest CPI at 225.79 last month, a 1.6 percent increase from October 2013. In September, the CPI was 226.91, according to a news release.

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 $225.79 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.

For the month-to-month decline, the BLS pointed to lower motor fuel prices. For the 12 months ended Oct. 31, food prices were up, but energy prices were down.

The energy index experienced its fourth consecutive month-to-month decline, with a 6.4 percent drop in October. Motor fuel prices fell 7.4 percent, while electricity costs dropped 6.4 percent and piped utility gas service costs decreased 3.6 percent. From October 2013, the energy index decrease 0.6 percent, according to the release.

Midwest food prices ticked up 0.2 percent last month from September. Within the index, prices for food at home increased 0.2 percent, while costs for food away from home inched up 0.3 percent. From October 2013 to last month, the food index increased by 3.5 percent.

During October, prices for all other items was roughly flat from September. Shelter costs rose 0.2 percent and medical care increased 0.3 percent, while used cars and trucks prices dropped 2.2 percent and education and communication fell 0.4 percent.

Year-to-year, the index was up 1.6 percent, according to the release.

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