Showing posts with label atlanta inflation. Show all posts
Showing posts with label atlanta inflation. Show all posts

Wednesday, November 10, 2021

Atlanta area consumer prices rise 7.9% over the year; gasoline prices soar 55.7%

 CPI-U-Atlanta

The Consumer Price Index for All Urban Consumers in the Atlanta-Sandy Springs-Roswell, GA, metropolitan area (CPI-U-Atlanta) increased 1.5% for the two months ending in October before seasonal adjustment according to the U.S. Bureau of Labor Statistics. For the 12 months ending in October, the CPI-U Atlanta index rose 7.9%. 

Over the two-month period, food prices in the Atlanta area increased 1.3%, while energy prices rose 3.3%. The index for all items excluding food and energy moved up by 1.3%. Over the 12 months ending in October, food prices increased 2.4% and energy prices rose 28.2%. The index for all items excluding food and energy moved up by 7.0%. 

The 7.9% increase in the all-items cost-of-living index for the Atlanta area was the largest 12-month increase for any October since October 1981 and was the largest increase recorded for any 12-month period since June 1982, when prices for the Atlanta area rose by 8.1%. 

Index components 

Cost-of-living indexes for food and beverages, housing, and transportation in the Atlanta area all rose significantly in the two months ending in October. 

Food and beverages costs increased 1.3% over the two months ending in October. Costs for food at home rose by 1.5%, while costs for food away from home were up by 1.1%. For the 12 months ending in October the food and beverages index moved up by 2.4% as costs for food at home increased 2.3% and costs for food away from home rose by 2.4%. 

Housing costs increased 1.7% over the two-month period. Costs for shelter rose 1.6%, while fuels and utilities costs rose 1.5%. Within the utilities index, electricity costs were unchanged over the previous two months. Since October 2020, housing costs in the Atlanta area have risen 6.0%, as the costs of shelter rose 6.7%, and fuels and utilities costs rose 5.1%. Electricity costs in the Atlanta area have risen 1.4% since last October. 

Apparel costs increased 0.4% over two months, while the price index rose 11.0% for the twelve months ending in October. 

Transportation costs rose by 3.0% over the past two months. Prices for used cars and trucks declined by 0.8%, while gasoline costs increased 4.7%. Over the past year, transportation costs have increased 21.3% in the Atlanta area with costs for used cars and trucks rising by 26.2%, while gasoline costs increased 55.7%. 

Medical care costs rose by 0.5% in the two months ending in October. For the past 12 months, the medical care index has increased 2.4%. 

Recreation costs declined 0.9% in the two months ending in October. Over the past year, recreation costs have risen 8.0%. 

Education and communication costs dropped 0.6 percent over the past two months. Over the past year, education and communication costs rose 4.0%.

Other goods and services costs rose 2.1% in the two months ending in October. Over the past year, they have increased by 6.8%. 

Comparison with the nation 

The Consumer Price Index for Atlanta rose by 1.5% for the two months ending in October compared to a 1.1% increase for the nation. Food costs in the Atlanta area increased by 1.3% compared to 1.8% nationally, while energy costs rose by 3.3% compared to 3.5% for the nation. The index for all items excluding food and energy rose by 7.0% in the Atlanta area compared to 0.8% for the nation. 

Over the 12 months ending in October, the all-items index for the Atlanta area increased 7.9%, while nationally, prices rose 6.2%. Food costs in the Atlanta area increased by 2.4%, while they rose 5.3% nationally. For Atlanta, energy prices moved up 28.2% compared to 30.0% for the nation. The index for all items excluding food and energy rose by 7.0% for Atlanta and 4.6% nationally. 

Because the Atlanta area has a smaller sample than the nation as a whole, the indexes are subject to greater variance than at the national level. As BLS points out, variance is a measure of the uncertainty caused by the use of a sample of retail prices, instead of the complete universe of retail prices. Users should exercise caution when using CPI estimates to make inferences about index changes for relatively short time periods, for individual goods and services, or for local areas. The standard errors of those estimates may be on the same order of magnitude as the estimates themselves; and, thus, few inferences about them are reliable. 

Wednesday, September 15, 2021

Atlanta area inflation: Consumer prices continue to rise, but at a slower rate in August

 

Consumer prices in the Atlanta metro area advanced 1.1 percent in the two months ending in August 2021, according to new information released by the U.S. Bureau of Labor Statistics for the Consumer Price Index for All Urban Consumers (CPI-U) for the Atlanta-Sandy Springs-Roswell, Ga., metropolitan area.

The two-month rise in prices was less than the two-month increases recorded earlier in the year for the February, April, and June periods. The CPI-U for the Atlanta area is published bi-monthly.

Food prices rose 0.6 percent over the two-month period ending in August, while energy prices increased 1.5 percent. Excluding food and energy, the index for all other items rose by 1.1 percent.

For the 12 months ending in August 2021, consumer prices in the Atlanta-Sandy Springs-Roswell, Ga., area rose by 6.6 percent, slightly less than the 12-month increase recorded in June.

Food prices increased 1.3 percent over the year and energy prices moved up by 26 percent. Excluding food and energy, the index for all other items rose by 5.8 percent for the 12 months ending in August, the same as the 12- month percentage increase recorded in June.

12-month inflation rates for selected items

Gasoline costs rose 51.7 percent in the 12 months ending in August 2021, compared to a 22.6 percent drop recorded in the previous 12-month period. The higher gasoline costs along with a 30.9 percent increase in the cost of used cars and trucks contributed to a 19.9 percent rise in the transportation index.

Costs for shelter, which includes both rent of primary residence as well as the owners’ equivalent rent of residences, increased 5.8 percent over the year.

Atlanta compared to United States

For the two months ending in August, consumer prices in the Atlanta area rose faster than the nation, with the U.S. index increasing by 0.7 percent compared to the 1.1 percent reported for the Atlanta metro area.

Food prices nationwide rose 1.1 percent over two months, while energy prices increased 2.5 percent. Excluding food and energy, the index for all other items moved up by 0.5 percent.

Over the past 12 months, the index for all items for the United States increased 5.3 percent, while consumer prices in the Atlanta area moved up by 6.6 percent.

Looking at the CPI over 24 months 

Disruption to consumers and businesses due to Covid-19 restrictions and shutdowns in 2020 resulted in consumers cutting back on some purchases while shifting expenditures for other purchases. 

Nationally, average annual expenditures for all consumer units in 2020 were $61,334, a 2.7-percent decrease from 2019, and the U. S Bureau of Labor Statistics reported that nine of the 14 major components of household spending decreased during 2020. 

As a result, there is some value in looking at consumer prices over a 24-month period in addition to the normal over-the-year report. 

Over the 24-month period from August 2019 to August 2021, consumer prices in the Atlanta metro area averaged 3.7 percent over each of the past two years, while nationally consumer prices averaged 3.3 per cent per year. 

Using the 3.7 percent average over each of the past two Augusts, consumer prices in the Atlanta area are at their highest 12-month level for an August period since August 2011, when the 12-month increase was 3.8 percent.

Tuesday, July 13, 2021

Inflation in Atlanta advances: Consumer prices rise 1.8 percent over 2 months, 6.7 percent over the year

 

Consumer prices in the Atlanta metro area advanced 1.8 percent in the two months ending in June 2021, according to new information released by the U.S. Bureau of Labor Statistics. The change was the largest two-month increase in the Consumer Price Index for All Urban Consumers for Atlanta-Sandy Springs-Roswell since June 2015. 

Food prices in the Atlanta area rose 1.4 percent, and energy prices increased 4.2 percent between April and June. The index for all items less food and energy increased 1.6 percent over the two-month period. 

Over the past 12 months, the rate of inflation in the Atlanta area was 6.7 percent, the largest 12-month increase since BLS began reporting bi-monthly data for the Atlanta CPI-U in 1999. Food prices rose 1.4 percent over the year, while energy prices increased 27.5 percent. The index for all items less food and energy advanced 5.8 percent. 

12-month inflation rates for selected major indexes 

Costs for food and beverages increased 1.7 percent, as prices for food at home rose 0.1 percent over the 12 months, while costs for food away from home increased 2.8 percent. 

Housing costs rose 4.1 percent with residential rents rising by 4.4 percent, and owners’ equivalent of rent costs increasing 3.9 percent. Costs for fuels and utilities were up 3.2 percent over the year, although electricity costs rose at a slower rate of 1.8 percent. 

Transportation costs increased 23.9 percent, as gasoline costs rose 59.3 percent over the year. Costs for new and used motor vehicles increased 23 percent. Excluding new vehicles, the cost for used cars and trucks was up 44.1 percent. 

Prices for medical care rose 0.3 percent for the 12 months ending in June, the lowest percentage increase of any of the major indexes. 

Looking at inflation over 24 months 

Disruption to consumers and businesses due to Covid-19 restrictions and shutdowns in 2020 appeared to have resulted in a significant decline in inflation rates as consumers cut back on their purchases. For example, the rate of inflation for the 12 months ending in June 2020 was 0.9 percent, a drop from the 1.1 percent increase recorded for the 12 months ending in June 2019. As a result, some of the inflation appearing currently is a catch-up of prices as business activity increases in 2021. 

One way of approaching this decline and then advance of prices is to take the measurement over two years, rather than a single year. For the two years ending in June 2021, the CPI-U for all items advanced 7.6 percent, or 3.8 percent each year over the past two years, a rate which is higher but still closer to the 12-month inflation rates appearing in 2017 for the Atlanta area. 

Using the same formula, the increase in inflation for all items less food and energy rose 8 percent over the past 24 months, or 4 percent each year. 

With the largest slowdowns of inflation occurring in the first half of 2020, the test of whether higher inflation rates are becoming embedded in the economy will come in future months as consumer prices reflect the gradual reopening of the economy that began in the fall of 2020. 

If the two-month increases remain at or above the 1.6 percent rates recorded for the Atlanta area in February and April 2021, then there will be more justification to be concerned over lingering inflation and its related problems. 

About the CPI for Atlanta 

The Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta-Sandy Springs-Roswell measures a fixed market basket of goods and services for all urban consumers in the Atlanta statistical area. 

The Atlanta-Sandy Springs-Roswell, GA, Core Based Statistical Area is comprised of Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Morgan, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, and Walton counties in Georgia.

For additional information, contact the U.S. Bureau of Labor Statistics Southeast Information Office.


Thursday, January 14, 2021

Consumer Price Index for Atlanta – December 2020

 


The Consumer Price Index for All Urban Consumers (CPI-U) for the Atlanta metropolitan statistical area rose 1.6 percent for the 12 months ending in December, according to information provided by the U.S. Bureau of Labor Statistics. This compares to a 1.4 percent increase in consumer prices nationwide.

The 12-month increase of consumer prices in the Atlanta area in 2020 was less than half of the 3.3 percent rise recorded for the area in 2019.

Food costs in the Atlanta area rose 3.7 percent over the year, while costs for energy declined 5.9 percent. The index for all items less food and energy increased 2.0 percent in 2020 compared to a 2.8 percent increase recorded in 2019.

Atlanta area price indexes

Costs for food and beverages increased 3.0 percent over the 12 months ending in December 2020. Costs for food at home increased 4.6 percent, while costs for food away from home rose 2.8 percent. This was a reversal from the changes recorded in 2019 when food at home costs rose 3.1 percent, while food away from home increased 4.0 percent.

Housing costs rose 2.6 percent as costs for shelter increased 2.2 percent, while costs for fuels and utilities rose 3.7 percent. Within the fuels and utilities category, electricity costs increased 4.0 percent, less than half of the 10.8 percent increase recorded for 2019. Costs for household furnishings and operations increased 4.7 percent in 2020.

Transportation costs declined 1.6 percent over the year, primarily due to a 16.2 percent drop in the cost of gasoline. Prices for new vehicles rose 7.9 percent, while prices for used cars and trucks increased 9.2 percent.

Medical care costs dropped 1.0 percent in 2020, a sharp reversal from the 11.6 percent increase recorded in 2019. The index for all items less medical care rose by 1.9 percent over the year.

Costs for apparel rose by 3.0 percent, recreation costs increased 2.7 percent, and costs for education and communication increased 2.1 percent in 2020.


The Consumer Price Index (CPI) measures the change in prices paid for consumers of goods and services. The Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta-Sandy Springs-Roswell, Ga., is based on the expenditures of residents of the Atlanta metropolitan statistical area and includes professionals, the self-employed, the poor, the unemployed, and retired people, as well as urban wage earners and clerical workers.

The CPI is a statistical estimate that is subject to sampling error because it is based upon a sample of retail prices and not a complete universe of all prices. BLS calculates and publishes estimates for the CPI-U-Atlanta-Sandy Springs-Roswell, Ga., as a 2-month, 6-month, and 12-month percent change. CPI indexes for the Atlanta area are not seasonally adjusted.

Information on how the coronavirus (COVID-19) has impacted collection of the CPI is available at Effects of COVID-19 Pandemic and Response on the Consumer Price Index : U.S. Bureau of Labor Statistics (bls.gov).  Additional information on the Consumer Price Index program is available at CPI Home : U.S. Bureau of Labor Statistics (bls.gov).


Sunday, January 19, 2020

Atlanta area prices rise 3.3% and continue to grow faster than the United States


Atlanta’s employment is rising faster than for the nation, but the metro area’s cost of living is also increasing faster than for the United States.

Consumer prices in the Atlanta metropolitan area rose by 3.3% in 2019 compared to the nation’s inflation rate of 2.3%, according to information provided by the U.S. Bureau of Labor Statistics.

Source: U.S. Bureau of Labor Statistics

Over the past 5 years, prices in Atlanta have increased by 12.4% compared to a 9.4% increase nationally.

Excluding food and energy costs, the area’s core inflation rate grew by 2.8% as compared to the nation’s 2.3% consistent with the area’s more rapid increase in the cost of living as compared to the nation.

Since 2014, prices in the Atlanta area, excluding food and energy, have risen by 14.9%, while core inflation at the national level has increased nearly 11%.

Medical costs in the Atlanta area rose 11.6% in the past year, the highest calendar year rate of increase since 2002. Over the past 5 years, medical costs in Atlanta have increased 21.6%.

Source: U.S. Bureau of Labor Statistics


In comparison, medical care costs for the nation rose 4.6% in 2019 and have risen 15.9% since 2014.


While housing costs are traditionally seen as lower in the Atlanta area than the nation, the difference between housing costs in Atlanta are growing closer to the national average.

In 2019, housing costs rose 4.3% in Atlanta as compared to 2.6% for the U.S. Over the past 5 years, housing costs for Atlanta have increased 20.9%, while housing costs nationwide rose 14.3%.

Source: U.S. Bureau of Labor Statistics

Costs for shelter (rent and home ownership costs) rose 4.7% over the year in the Atlanta area, while costs for household fuels and utilities increased 4.3%.

After declining over the previous four years, the cost for electricity in the Atlanta metro area rose 10.8% in 2019.
Source: U.S. Bureau of Labor Statistics

Costs for transportation grew slower in the Atlanta metro area than the nation, rising 0.6% last year as opposed to a 1.9% rise nationally.

Over the past 5 years, transportation costs have risen 5.4% in Atlanta and have risen 4.4% nationally.

In contrast, costs for recreation fell in the Atlanta area even as rising nationwide. Recreation costs in the metro area dropped 2.7% last year while rising 1.5% nationwide.

Over the past 5 years, recreation costs in Atlanta have declined 3.9% while rising 5.8% nationally.