Midwest region prices down in December CPI

|tab|

The Consumer Price Index for the Midwest decreased 0.3 percent in December, the U.S. Department of Labor's Bureau of Labor Statistics reported Jan. 15. According to Acting Regional Commissioner Hal Corley, declining prices for transportation, apparel and housing accounted for most of the decrease in the index. Over the year, the Midwest CPI was up 1.7 percent. Because regional CPI data are not adjusted for seasonal price variation, consumers and businesses should be cautious in drawing conclusions about long-term retail price trends from short-term changes in the Consumer Price Index. |ret||ret||tab|

Transportation prices declined 1.3 percent in December. Motor fuel prices decreased 4.3 percent over the month. This was the third consecutive month of falling motor fuel prices. New and used motor vehicle prices decreased 0.7 percent over the month. Over the year, transportation prices were up 1.3 percent. An increase of 8.7 percent in motor fuel prices over the year was partially offset by a 3.8 percent decline in prices for new and used motor vehicles. Prices for new vehicles declined 1 percent and prices for used cars and trucks fell 11.9 percent.|ret||ret||tab|

Apparel prices decreased 2.9 percent in December and 4 percent over the two-month span from October to December. Apparel prices typically fall in November and December as fall and winter merchandise is discounted. Over the prior five years, the two-month decline averaged 3.5 percent. Over the year, apparel prices edged down 0.3 percent. |ret||ret||tab|

Housing costs edged down 0.1 percent in December. Shelter costs declined 0.1 percent. Within shelter, rent of a primary residence increased 0.1 percent and owners' equivalent rent of a primary residence remained unchanged. Prices for lodging away from home declined. Fuels and utilities prices increased 0.6 percent as electricity prices rose 0.5 percent and utility natural gas prices increased 0.9 percent. Prices for household furnishings and operations decreased 0.4 percent. |ret||ret||tab|

Over the year, housing prices rose 1.6 percent. Shelter costs increased 1.4 percent and fuels and utilities prices advanced 7.5 percent. Utility natural gas prices climbed 17 percent over the year, while electricity prices increased 1.9 percent. Prices for household furnishings and operations fell 2.8 percent.|ret||ret||tab|

Food and beverage prices increased 0.6 percent in December. Prices for food at home rose 0.9 percent while prices for food away from home increased 0.2 percent. Alcoholic beverage prices rose 0.2 percent. Over the year, prices for food and beverages increased 3 percent, with food at home rising 3.7 percent and food away from home increasing 2.5 percent. Prices for alcoholic beverages rose 1.5 percent over the year. |ret||ret||tab|

Medical care costs increased 0.2 percent in December. Medical care commodities prices rose 0.1 percent and medical care services prices increased 0.3 percent. Medical care costs were up 4.3 percent over the year, the largest annual increase of any major expenditure category. Over the year, prices for medical care commodities rose 3.3 percent while prices for medical care services increased 4.5 percent. |ret||ret||tab|

Recreation prices, which include both prices for recreation equipment and fees for admission to recreation events, declined 0.1 percent in December. Recreation prices fell 0.2 percent over the year. |ret||ret||tab|

Education and communication prices inched up 0.1 percent in December. Over the year, education and communication prices increased 1.2 percent. |ret||ret||tab|

Prices for other goods and services, which include prices for tobacco and smoking products and personal care products, increased 0.2 percent in December. Over the year, prices for other goods and services rose 0.5 percent. |ret||ret||tab|

The Midwest Consumer Price Index for All Urban Consumers stood at 178.4 in December. A typical market basket of goods and services that cost $100.00 in the 1982-84 base period cost $178.40 in December 2003. |ret||ret||tab|

[[In-content Ad]]