Midwest CPI drops slightly

The Midwest Consumer Price Index for all urban consumers registered little change in May, though it was down 0.1 percent following four consecutive months of price increases.

The Midwest CPI was 219.15 in May, down from 219.41 in April and up from 218.98 in March, according to a June 14 news release from the U.S. Bureau of Labor Statistics.

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 $219.15 in May. The index is not seasonally adjusted, and items are weighted depending on their spending importance in certain areas.

Motor fuel prices, which fell 3.4 percent in May, contributed the most to the month-to-month price decrease for the Midwest CPI. The overall energy index declined 2.6 percent, according to the release.

The food index was unchanged in May following increases of 0.3 percent in both March and April. During May, prices for food at home decreased 0.1 percent, offsetting a 0.2 percent increase in costs for food away from home.

The index for all other items rose 0.2 percent in May, due largely to a 0.2 percent increase in shelter, a 1.7 percent bump in used cars and trucks and a 0.4 percent increase in medical care, according to the release.

Compared to May 2011, prices have risen 1.5 percent overall. The energy index dropped 6.5 percent year-to-year, food prices increased 3.2 percent and all other items rose 2.4 percent.