Midwest Consumer Price Index rises 0.5%

The index increase followed a 1 percent climb in March, and it was up 2.3 percent from April 2006, the U.S. Department of Labor’s Bureau of Labor Statistics reported last week.

Motor-fuel costs had the most impact on the index, accounting for more than 80 percent of the overall increase. Fuel costs rose 9.8 percent in April, 10.1 percent in March and have increased 29 percent since January; they are nearly a percentage point higher than a year ago.

The increase in fuel costs, in addition to an increase in household fuels and utility costs, gave way to a 5.2 percent increase in overall energy prices in the Midwest in April. Prices for energy were 3 percent higher than in April 2006.

Excluding the effects of energy prices, the Midwest’s CPI was unchanged from March and increased 2.2 percent from a year before.

Overall, the index for all urban consumers in the Midwest was 197.405 in April, according to the report. This means that a typical market basket of goods and services cost $197.41, compared to $100 in the 1982-84 base period.

Other sectors contributed to April’s overall index as well.

• The transportation index increased 2.5 percent in April, again attributed to higher motor-fuel costs.

• The housing index changed little, but prices for household fuels and utilities were up 0.4 percent, with a 0.8 percent increase in electricity prices offsetting a 0.3 percent decline in utility gas service prices. Compared to April 2006, housing costs rose 2.8 percent, shelter costs rose 2.7 percent and household fuels and utilities rose 5.6 percent.

• Apparel prices fell 0.6 percent in April after posting a 3.7 percent decrease in March and a 3.4 percent decrease in February.

• Medical care costs rose a half-point in April, as prices for health care commodities were up 0.7 percent and prices for health care services climbed 0.5 percent.

This story originally appeared in SBJ’s May 15 free e-news Daily Update. Click here to register.[[In-content Ad]]