The Consumer Price Index for All Urban Consumers (CPI-U) in the Miami-Fort Lauderdale-West Palm Beach area decreased 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 all items CPI-U in Miami rose by 2.5 percent as of August. The index for all items excluding food and energy increased by 2.4 percent, while the food index climbed 4.8 percent and the energy index edged up by 0.2 percent.
Breaking down recent changes, grocery store purchases rose 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, prices for fruits and vegetables dropped by 3.8 percent during this period, while restaurant and cafeteria prices remained stable.
Looking at annual trends, four out of six major grocery store food group indexes increased over the past year; among them were other food at home (up 11.8 percent) and meats, poultry, fish, and eggs (up 7.1 percent). Food away from home prices advanced by 5.0 percent year-over-year.
The gasoline index was nearly flat from June to August but showed a decrease of 9.1 percent compared to last year.
For categories outside of food and energy, there were declines from June to August in household furnishings (-5.9 percent), apparel (-5.4 percent), other goods and services (-2.5 percent), and medical care (-0.6 percent). Meanwhile, shelter costs rose by 0.4 percent over two months—mirrored in both owners’ equivalent rent and rent indexes—and there were increases in alcoholic beverages (+13.3%) as well as education and communication (+1.4%).
Over twelve months ending in August, shelter costs went up by 3%, including similar rises for both owners’ equivalent rent (3%) and rent itself (2.9%).
The next release of local CPI data is scheduled for October 15, with subsequent updates set for November.
The Consumer Price Index measures average price changes over time using a fixed basket of goods and services; however, regional indexes like Miami’s are based on smaller samples than national figures which can lead to greater volatility due to sampling error or lack of seasonal adjustment (BLS CPI information). These indexes do not compare price levels between cities but track changes within each area since their base periods.
Miami’s metropolitan statistical area includes Broward, Miami-Dade, and Palm Beach Counties.
Further technical details about methodology can be found through resources such as the national CPI news release technical note or Handbook of Methods (Handbook of Methods).
