Midwest CPI ticks up after four months of declines

The Midwest Consumer Price Index ticked up 0.3 percent in January following four consecutive months of declines, according to data released this morning by the U.S. Bureau of Labor Statistics.

The Midwest CPI landed at 223.3 in January, which is up from 222.72 in December, according to a news release.

The CPI – which reflects 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 $223.30 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.

The month-to-month increase was largely attributable to a change in food prices.

Costs for food at home rose 0.5 percent and costs for food away from home moved up 0.3 percent, resulting in an overall 0.4 percent increase.

Largely because of motor fuel prices, the energy index dropped 1.6 percent in January, the seventh consecutive monthly decline. Gas prices fell 5 percent month to month, according to the release.

The index for all other items edged up 0.4 percent, led by medical care and new vehicles, which both moved up by 0.9 percent. Offsetting the increases was a 1 percent decrease in apparel prices.