The Consumer Price Index for All Urban Consumers (CPI-U) in the Miami-Fort Lauderdale-West Palm Beach area declined by 0.2 percent from June to August, according to a report released by the U.S. Bureau of Labor Statistics. Regional Commissioner Victoria G. Lee stated that the index for all items less food and energy decreased by 0.3 percent during this period, while the energy index remained unchanged and the food index increased slightly by 0.1 percent.
Over the past year, the CPI-U for all items in Miami rose by 2.5 percent as of August. The category excluding food and energy saw a 2.4 percent increase over the same period, while food prices rose by 4.8 percent and energy prices edged up by 0.2 percent.
From June to August, grocery store purchases—referred to as “food at home”—increased by 0.2 percent, with notable price rises in nonalcoholic beverages and beverage materials (up 4.0 percent) and dairy products (up 3.1 percent). In contrast, fruit and vegetable prices dropped by 3.8 percent during these two months, while prices for dining out did not change.
Looking at annual changes, “other food at home” was up by 11.8 percent and meats, poultry, fish, and eggs rose by 7.1 percent over the last year; eating out costs increased by 5.0 percent.
Energy costs were flat from June to August; gasoline prices dipped slightly by 0.1 percent in that timeframe but fell sharply—by 9.1 percent—over the past year.
For all items except food and energy, there was a decrease of 0.3 percent between June and August with household furnishings down significantly (by 5.9 percent), along with declines in apparel (-5.4 percent), other goods and services (-2.5 percent), and medical care (-0.6 percent).
The shelter index went up by 0.4 percent from June to August—the same rate seen in both owners’ equivalent rent and rent indexes during this period—and alcoholic beverages climbed notably (+13.3%), as did education and communication (+1.4%).
Year-over-year figures show shelter costs rising by 3%, with similar increases recorded for both owners’ equivalent rent (3%) and rent itself (2.9%).
According to the Bureau of Labor Statistics, “The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services.” The agency notes that local indexes like Miami’s are published every two months but can be more volatile than national averages due to smaller sample sizes and lack of seasonal adjustment.
Data tables referenced in this release are available through BLS data query tools via links provided within Table 1 of the original report.
The next CPI release for September is scheduled for October 15, followed by October’s results on November 13.
The Miami-St.Petersburg-Clearwater Core Based Statistical Area covers Broward, Miami-Dade, and Palm Beach Counties.
“Regional Commissioner Victoria G.Lee noted the index for all items less food and energy fell 0.3 percent over the two-month period.”
“The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services.”
