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 noted 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 all items CPI-U in Miami increased by 2.5 percent as of August. The category excluding food and energy rose by 2.4 percent year-over-year, with food prices rising 4.8 percent and energy prices increasing marginally by 0.2 percent.
Breaking down the components, grocery store purchases were up by 0.2 percent between June and August, with notable increases in nonalcoholic beverages and beverage materials (up 4.0 percent) and dairy products (up 3.1 percent). However, fruit and vegetable prices dropped by 3.8 percent during this period, while restaurant and cafeteria meal prices were unchanged.
For the twelve months ending in August, grocery store prices rose by 4.7 percent overall; within that group, “other food at home” increased by 11.8 percent and meats, poultry, fish, and eggs went up by 7.1 percent.
Energy costs held steady over the recent two-month period but have edged up slightly over the past year despite gasoline prices falling by more than nine percent since last August.
Other categories tracked showed mixed results: household furnishings dropped nearly six percent from June to August; apparel was down more than five percent; other goods and services decreased by about two-and-a-half percent; medical care dipped slightly as well.
Housing-related indexes showed some upward movement: “The shelter index rose 0.4 percent from June to August,” with both owners’ equivalent rent and general rent also up by that amount over two months.
Alcoholic beverages saw a sharp rise of more than thirteen percent over two months; education and communication costs were also higher.
Looking ahead, data releases for September’s CPI are scheduled for October 15 at 8:30 a.m., with October’s figures due out November 13 at the same time.
The Consumer Price Index is calculated using a fixed basket of goods to measure price changes over time for urban consumers across different areas such as Miami-Fort Lauderdale-West Palm Beach—though local indexes like these are based on smaller samples compared to national figures and can be more volatile as they are not adjusted for seasonal factors or used to compare price levels between cities.
