The Consumer Price Index for All Urban Consumers (CPI-U) in the Miami-Fort Lauderdale-West Palm Beach area fell 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 fell 0.3 percent over the two-month period.” The energy index remained unchanged during this time, while the food index saw a slight increase of 0.1 percent.
Over the past year, the CPI-U for all items in the Miami area increased by 2.5 percent as of August. The index for all items excluding food and energy rose by 2.4 percent in the same period, while food prices increased by 4.8 percent and energy prices edged up by 0.2 percent.
Within the food category, grocery store purchases (food at home) were up 0.2 percent from June to August, with notable increases seen in nonalcoholic beverages and beverage materials (+4.0 percent) and dairy products (+3.1 percent). However, fruit and vegetable prices dropped by 3.8 percent over those two months, while restaurant and cafeteria prices (food away from home) remained stable.
Looking at annual changes, grocery store prices rose by 4.7 percent compared to last year, with categories such as other food at home (+11.8 percent) and meats, poultry, fish, and eggs (+7.1 percent) seeing significant gains.
Energy costs showed little movement between June and August; gasoline prices decreased slightly by 0.1 percent over that period but were down significantly—by 9.1 percent—over the past year.
For items excluding food and energy, there was a decrease of 0.3 percent from June to August; household furnishings declined by 5.9 percent, apparel dropped by 5.4 percent, other goods and services fell by 2.5 percent, and medical care slipped by 0.6 percent.
Shelter costs increased modestly: “The shelter index rose 0.4 percent from June to August,” according to the release; both owners’ equivalent rent and rent indexes also went up by that amount during this period.
Over twelve months ending in August, shelter costs grew by 3%, with similar increases for owners’ equivalent rent (3%) and rent (2.9%).
The next scheduled release of CPI data for September is set for October 15th at 8:30 a.m., followed by October data on November 13th at the same time.
The Consumer Price Index measures average price changes over time using a fixed basket of goods and services; local indexes like Miami’s are published every two months but are subject to greater volatility due to smaller sample sizes compared with national figures.
