BLS: Consumer prices dip in Midwest

The U.S. Bureau of Labor Statistics this week announced a dip in the Midwest Consumer Price Index for August, resulting in the eighth consecutive month of year-over-year decreases.

Compared to the same month last year, the Midwest CPI dropped 0.3 percent to 225.83 last month, according to a 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 $225.83 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.

Leading the decline was a 14.5 percent drop in energy prices, according to the release.

Within the index, motor fuel prices fell by 22 percent compared to August 2014, and piped utility gas service costs moved down 17.8 percent. Electricty prices ticked up 1.4 percent over the year.

The overall food index advanced 1.4 percent in August. The leader was a 3.3 percent rise in costs for food away from home. Prices for food at home inched up 0.2 percent, according to the release.

The index for all other items moved up 1.2 percent. Shelter costs rose 2.2 percent and medical care services increased 2 percent.