Midwest CPI drops month-to-month, rises year-to-year

While the Midwest Consumer Price Index decreased slightly in October from September, data show a small bump from a year ago.

The Midwest CPI dropped by 0.5 percent last month compared to September, but rose 0.8 percent from October 2012, according to a U.S. Bureau of Labor Statistics news release. The index landed at 222.17 in October.

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 $222.17 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.

Leading the year-to-year increase was the index for all items excluding food and energy, which rose 1.5 percent in October from the same month in 2012. Though the increase in the category was broad based, a 1.9 percent increase in shelter costs led the advance, according to the release.

The food index jumped 1.1 percent year-to-year, with food away from home jumping 2 percent. During October, a 1.5 percent bump in prices for food at home also contributed to the yearly increase.

Overall, energy costs decreased 4.6 percent in October from a year ago. Motor fuel prices dropped 8.6 percent, a third consecutive month of year-to-year declines. However, piped utility gas service costs rose 2.7 percent and electricity costs moved up 0.5 percent, the release said.