The Midwest Consumer Price Index dropped 0.6 percent in January, representing the fourth consecutive monthly decrease.
The region’s index moved to 221.55 last month compared to 222.82 in December, according to a U.S. Bureau of Labor Statistics 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 $221.55 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.
Energy prices had the largest impact on the regional figure. During January, the energy index dropped 9.9 percent overall, with motor fuel prices contributing a 19.8 percent decrease - the largest one-month decline since November 2008. Piped utility gas costs were 4.8 percent lower but electricity prices rose 1.4 percent, according to the release.
The Midwest food index increased 0.3 percent last month. Within the index, costs for food at home rose 0.3 percent and costs for food away from home increased 0.2 percent.
The category for all other items was up 0.3 percent. Higher prices were recorded in medical care services, up 0.7 percent, and recreation, up 0.8 percent. Offsetting industries were apparel, down 2.2 percent, and new and used motor vehicles, down 0.3 percent, according to the release.
The Midwest CPI dropped 0.3 percent in January compared to the same month of 2014.[[In-content Ad]]
Moseley’s Discount Office Products was purchased; Side Chick opened in Branson; and the Springfield franchise store of NoBaked Cookie Dough changed ownership.
