The Midwest Consumer Price Index for all urban consumers increased by a slim 0.2 percent during August, following a 0.1 percent increase in July, according to a news release from the U.S. Bureau of Labor Statistics.
In August, the largest change came with the food index, which was up 0.8 percent. Energy prices continued to decline with a 0.7 percent drop, especially due to a 1.1 percent decrease in motor fuel prices, which have fallen in the last three months. The index for all other items decreased 0.2 percent, the release said.
The BLS divides the CPI into three categories: food, energy and all other items, such as apparel, household furnishings, vehicles, recreation and shelter. It measures the average change in prices over time for goods and services such as food, clothing, shelter, fuels, transportation fares, health care and drugs. The CPI measures price changes from the base period of 1982–84, which represents an index score of 100.
During the last year, the Midwest CPI has risen 3.8 percent, including:
- a 19 percent increase in energy costs;
- a food index increase of 4.5 percent; and
- an increase of 1.8 percent in all other items.
Price changes are averaged together with varying weights depending on the importance of spending on the items in the corresponding population groups.[[In-content Ad]]
