Printer Friendly

LOWER ENERGY PRICES PULL PHILADELPHIA AREA CPI DOWN IN OCTOBER

    LOWER ENERGY PRICES PULL PHILADELPHIA AREA CPI DOWN IN OCTOBER
    PHILADELPHIA, Nov. 14 /PRNewswire/ -- Philadelphia area consumer prices declined 0.5 percent in October following five straight months of increase, the Bureau of Labor Statistics announced today.
    Alan M. Paisner, the bureau's regional commissioner, noted that a seasonally expected sharp drop in energy prices was the cause of the decline.  The Consumer Price Index for All Urban Consumers (CPI-U) rose 3.1 percent since last October and at an annual rate of 2.0 percent over the last three months.  (See table.)
    The normal seasonal drop in electricity rates pulled the housing index down 1.5 percent in October; the 16.3 percent over-the-month decline in the electricity index alone was responsible for more than 100 percent of the 0.5 percent decline in overall prices -- if electricity prices had not declined, the overall all items index would have increased.  The special energy index, which includes electricity, went down 6.9 percent in October and was 6.7 percent lower than one year before.  By this October, index levels for the main energy components were below or near the levels posted prior to the invasion.
    The housing index dropped in response to lower priced household fuels and, to a much lesser extent, shelter and household furnishings and operation.  Fuel oil prices increased 2.1 percent in October (increases in fuel oil prices are common at the beginning of the home heating season) but were 27 percent lower than a year before.
    After two months of extraordinarily large over-the-month increases, the apparel index dropped 3.3 percent since September, a large decline compared with previous Octobers.  The apparel index was 1.0 percent below last year's level.
    Food and beverage prices were unchanged on balance, although some individual items displayed strong movement.  Produce prices were down 3.5 percent over the month after an unseasonably strong increase in September.
    Transportation prices jumped 1.1 percent over the month as new car prices pushed the price of private transportation higher; but motor fuel prices were down 0.5 percent over the month and 16.7 percent over the year.
    Medical care prices were higher in October, up 0.9 percent, and 9.9 percent higher than a year ago.  The other goods and services category was up 0.5 percent from September and 6.0 percent over the year. Entertainment prices were also up.
    The CPI-U stood at 143.1 on the 1982-84 equals 100 reference base, which means that a market basket of goods and services that cost $100 in 1982-84 would have cost $143.10 in October of this year.  The local Urban Wage Earners and Clerical Workers Index (CPI-W) decreased 0.6 percent last month and stood at 142.9 on the 1982-84 base.
    In the other four cities priced monthly by the bureau, prices were also down in Chicago (-0.2 percent), and New York and San Francisco (-0.1 percent), but rose in Los Angeles (0.2 percent). PERCENT CHANGE IN CPI FOR ALL URBAN CONSUMERS (CPI-U) IN PHILADELPHIA
                    (NOT SEASONALLY ADJUSTED)
                        Change from preceding   Compound Change for
                              month to         annual rate   12 months
    Expenditure           Aug.  Sep.  Oct.    3 months ended   ended
    category              1991  1991  1991       Oct. 1991    Oct. 1991
    All items              0.6   0.3  -0.5          2.0          3.1
    Food & beverages      -0.4  -0.1   0.0         -2.0          1.9
    Housing                0.2  -0.1  -1.5         -5.6          3.3
    Apparel & upkeep       8.1   7.3  -3.3         58.3         -1.0
    Transportation         0.1   0.2   1.1          5.6          1.4
    Medical care           1.0   0.1   0.9          8.3          9.9
    Entertainment          0.3   0.7   0.4          5.9          5.4
    Other goods & services 2.2   0.4   0.5         13.0          6.0
    Special index:
    Energy                -0.3   2.1  -6.9        -19.3         -6.7
    /delval/
    -0-                         11/14/91
    /CONTACT:  Maureen Greene (information), 215-596-1157, or Alan Paisner (media), 215-596-1151, both of the U.S. Department of Labor, Bureau of Labor Statistics/ CO:  U.S. Department of Labor Bureau of Labor Statistics ST:  Pennsylvania IN:  HOU SU:  ECO LJ -- PH005 -- 4285 11/14/91 09:18 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 14, 1991
Words:702
Previous Article:ANAREN ANNOUNCES FIRST QUARTER EARNINGS
Next Article:HADRON, INC., ANNOUNCES FIRST QUARTER EARNINGS


Related Articles
PHILADELPHIA PRICES UP A MODERATE 0.1 PERCENT IN NOVEMBER
PITTSBURGH AREA RETAIL PRICES UP 0.9 PERCENT SINCE OCTOBER, 4.1 PERCENT OVER THE YEAR
PHILADELPHIA CONSUMER PRICES UNCHANGED IN JANUARY
PHILADELPHIA AREA CONSUMER PRICES LOWER IN FEBRUARY
SHARP DROP IN HOUSING INDEX LEFT OVERALL PHILADELPHIA-AREA PRICE LEVEL UNCHANGED
PHILADELPHIA AREA ONE-MONTH PRICE RISE HIGHEST SINCE APRIL 1987 AS ENERGY PRICES SOAR
OVERALL PHILADELPHIA AREA PRICES EDGED DOWN ALTHOUGH MANY ITEMS INCREASED IN PRICE
OVERALL PHILADELPHIA AREA PRICES EDGED DOWN ALTHOUGH MANY ITEMS INCREASED IN PRICE
PHILADELPHIA AREA RETAIL PRICES DECLINE 0.3 PERCENT IN NOVEMBER
2ND LD: Core nationwide CPI sinks 0.1% in Sept., down for 8th month.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters