Consumer Price Index Up In August
Continuing a trend from a year ago the Consumer Price Index rose 0.2 percent in August and up 2.4 percent from a year ago.
Prices in the Los Angeles area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), inched up 0.2 percent in August, the U.S. Bureau of Labor Statistics reported Thursday.
Regional Commissioner Richard J. Holden noted that the August increase was influenced by higher prices for food and recreation.
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Over the last 12 months, the CPI-U increased 2.4 percent. Energy prices jumped 13.5 percent, largely the result of an increase in the price of gasoline. The index for all items less food and energy increased 0.8 percent since August 2010.
Food prices rose 0.9 percent for the month of August. Prices for food at home advanced 1.6 percent and prices for food away from home were unchanged for the same period.
Over the year, food prices advanced 5.0 percent. Prices for food at home increased 6.8 percent since a year ago, and prices for food away from home rose 2.6 percent.
The energy index declined 0.4 percent over the month. The decrease was mainly due to lower prices for gasoline (-1.1 percent). Prices for natural gas service advanced 2.9 percent, and prices for electricity increased 0.7 percent in August.
Energy prices jumped 13.5 percent over the year, largely due to higher prices for gasoline (20.9 percent). Prices paid for natural gas service advanced 5.9 percent, but prices for electricity decreased 2.2 percent during the past year.
All items less food and energy
The index for all items less food and energy inched up 0.2 percent in August. Higher prices for recreation (1.3 percent) and apparel (0.9 percent) were partially offset by lower prices for other goods and services (-1.3 percent) and household furnishings and operations (-0.1 percent).
Over the year, the index for all items less food and energy increased 0.8 percent. Components contributing to the increase included medical care (4.1 percent) and education and communication (1.5 percent). Partly offsetting the increases were price declines in recreation (-1.8 percent) and other goods and services (-0.7 percent).
The CPI is based on prices of food, clothing, shelter, and fuels, transportation fares, charges for doctors' and dentists' services, drugs, and the other goods and services that people buy for day-to-day living.
Each month, prices are collected in 87 urban areas across the country from about 4,000 housing units and approximately 25,000 retail establishments--department stores, supermarkets, hospitals, filling stations, and other types of stores and service establishments. All taxes directly associated with the purchase and use of items are included in the index.
The Los Angeles-Riverside-Orange County, CA. metropolitan area covered in this release is comprised of Los Angeles, Orange, Riverside, San Bernardino, and Ventura Counties in the State of California.
For more specifics on the Consumer Price Index, click here.