KANSAS CITY – Prices in the Midwest Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.3% in January, the U.S. Bureau of Labor Statistics reported Tuesday.
The January increase was led by a 0.2% advance in the all items less food and energy index, mainly due to higher prices for owners’ equivalent rent of residences. Food prices and energy prices were also up, 0.8% and 0.6%, respectively.
Over the last 12 months, the CPI-U advanced 2.7%. The index for all items less food and energy increased 3.7% over the year, while food prices rose 2.5%. Energy prices fell 7.8%, largely the result of a decrease in the price of gasoline.
Food
Food prices advanced 0.8 percent for the month of January. Prices for food at home (grocery store prices) rose 0.9 percent, while prices for food away from home (restaurant, cafeteria, and vending purchases) were up 0.7 percent for the same period. Within the food at home category, nonalcoholic beverages and beverage materials (+4.3 percent) contributed the most to the over-the-month increase, followed by other food at home (+1.0 percent). Lightly offsetting the increase was a decline in prices paid for meats, poultry, fish, and eggs (-0.6 percent).
Over the year, food prices rose 2.5 percent. Prices for food away from home advanced 4.4 percent, and prices for food at home were up 1.3 percent since a year ago. Within the food at home category, prices for other food at home (+3.0 percent) and nonalcoholic beverages and beverage materials (+5.3 percent) contributed the most to the over-the-year increase.
Energy
The energy index advanced 0.6 percent over the month. The increase was mainly due to higher prices for electricity (+2.8 percent), but an increase in prices paid for natural gas service (+1.1 percent) also contributed. Partially offsetting the increase were declining prices for gasoline, which were down 0.9 percent in January.
From January 2023 to January 2024, energy prices fell 7.8 percent. The decline was mainly influenced by falling gasoline prices (-11.9 percent) but decreasing natural gas service prices (-17.7 percent) also contributed. Prices paid for electricity increased 4.4 percent during the past year.
All items less food and energy
The index for all items less food and energy advanced 0.2 percent in January. Increases in owners’ equivalent rent of residences (+0.5 percent), apparel (+3.1 percent), and recreation (+0.7 percent) were the largest contributors. Partially offsetting the increase were falling prices for used cars and trucks (-3.7 percent), lodging away from home, and medical care commodities (-1.2 percent).
Over the year, the index for all items less food and energy increased 3.7 percent. Components contributing the most to the increase included owners’ equivalent rent of residences (+6.7 percent), rent of primary residence (+6.3 percent), and other goods and services (+5.6 percent). Slightly offsetting these increases, prices for used cars and trucks fell 3.1 percent over the year.