Energy index leads decline in Midwest CPI

The Midwest Consumer Price Index for all urban consumers dropped 0.6 percent to 215.65 in October, according to a news release from the U.S. Bureau of Labor Statistics.

The CPI - which shows changes in the prices of energy, food and all other items - is measured in comparison to a base period between 1982-84. A typical market basket of goods and services that cost $100 in 1982-84 cost  $215.65 in October, not seasonally adjusted.

The BLS attributed the decline largely to a 7 percent drop in energy costs, the largest one-month decline since December 2008. The decrease was led by a fifth consecutive month of lower prices for motor fuel and a 9 percent decline in the cost of electricity, according to the release.

Despite recent decreases, energy prices were 12.5 percent higher than in October 2010.

Food prices were relatively flat month-to-month, but prices for food away from home went down 0.3 percent, the largest one-month decline since the monthly publication of the index began in 1987.

The index for all other items rose 0.2 percent in October, with the largest impact, a 2.7 percent increase, realized in apparel prices.  Other notable movements included a 0.2 percent rise in shelter costs, a 1.3 percent decline in prices for used cars and trucks, and a decrease of 0.5 percent in recreation costs, the release said.

During the last year, the CPI has risen 3.3 percent.

The Midwest region comprises Missouri, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.[[In-content Ad]]