YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Midwest consumer prices decline

Posted online
The Midwest Consumer Price Index saw a 0.3 percent decline in July, following six months of increases, according to the U.S. Bureau of Labor Statistics.

The regional figure landed at nearly 227 last month, 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 $227 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas. The Midwest region comprises 12 states, including Missouri, Iowa and Kansas.

The BLS attributed the decrease in consumer prices largely to a drop in the cost of motor fuel.

Within the energy index, which fell 2.5 percent in July, motor fuel prices fell 4.8 percent compared to June. The indexes for electricity rose 0.4 percent and piped utility gas service 0.7 percent, according to the release.

The food index was nearly flat in July, registering a 0.1 percent decrease. Both the costs for food at and away from home were largely unchanged.

The index for all other items was mixed, leaving it flat in July. Shelter costs increased 0.2 percent and motor vehicle prices rose 0.6 percent, while apparel prices dropped 2.3 percent and household furnishings and operations declined by 0.3 percent, according to the release.

Compared to July 2013, last month's Midwest CPI rose 1.8 percent, according to the BLS.[[In-content Ad]]

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Small-scale manufacturing offers new lens to view economic vitality

Chamber speaker suggests turning downtown storefronts into maker spaces.

Most Read
SBJ.net Poll
Update cookies preferences