KANSAS CITY — Prices in the Midwest Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), declined 0.1 percent in October, the U.S. Bureau of Labor Statistics reported today.
The energy index declined 5.0 percent in October, primarily due to lower gasoline prices. Almost entirely offsetting the decline was an increase in the index for all items less food and energy, which increased 0.3 percent over the month. Food prices rose 0.1 percent over the month.
Over the last 12 months, the CPI-U advanced 2.9 percent. The index for all items less food and energy was up 4.3 percent over the year, while food prices rose 3.1 percent. Somewhat offsetting the increase was a 10.0 percent decline in energy prices, mainly the result of falling gasoline prices. (See chart 1)
Food
Food prices rose 0.1 percent for the month of October. Prices for food away from home (restaurant, cafeteria, and vending purchases) rose 0.5 percent, while prices for food at home (grocery store prices) declined 0.2 percent for the same period. Within the food at home category, prices for fruits and vegetables (-1.4 percent) contributed the most to the over-the-month decrease, with cereals and bakery products also contributing (-0.8 percent). Increases within the category that almost entirely offset declines were led by the index for meats, poultry, fish, and eggs (+0.6 percent).
Over the year, food prices rose 3.1 percent. Prices for food away from home rose 4.6 percent, and prices for food at home increased 2.2 percent for the same period. Within the food at home category, the indexes for other food at home (+3.5 percent) and cereals and bakery products (+4.5 percent) contributed the most to the over-the-year increase.
Energy
The energy index declined 5.0 percent over the month. The decrease was largely due to lower prices for gasoline (-7.9 percent), but declining electricity prices (-4.2 percent) also contributed. Prices paid for natural gas service increased 3.3 percent over the one-month period.
From October 2022 to October 2023, energy prices fell 10.0 percent, mainly due to lower prices for gasoline (-11.3 percent) and natural gas service (-26.6 percent). Prices paid for electricity increased 3.5 percent during the past year.
All items less food and energy
The index for all items less food and energy increased 0.3 percent in October. Higher prices for owners’ equivalent rent (+0.6 percent), medical care (+0.6 percent), and other goods and services (+1.3 percent) were the largest contributors to the increase. Slightly offsetting the rise were declining prices for lodging away from home, recreation (-0.5 percent), and used cars and trucks (-1.3 percent).
Over the year, the index for all items less food and energy advanced 4.3 percent. Components contributing to the increase included shelter (+7.0 percent), other goods and services (+7.1 percent), and motor vehicle maintenance and repair. Partly offsetting these increases was a decline in prices paid for used cars and trucks (-6.8 percent).