Consumer Price Index, Miami Fort Lauderdale West Palm Beach — October 2024

Area prices rose 2.7 percent over the past 12 months

The Consumer Price Index for All Urban Consumers (CPI-U) for Miami-Fort Lauderdale-West Palm Beach rose 0.6 percent from August to October, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Victoria G. Lee noted that the bi-monthly all items index increase was largely attributed to increases in the shelter and food indexes. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect the impact of seasonal influences.)

The all items CPI-U increased 2.7 percent for the 12 months ending in October. (See chart 1 and table A.) The index for all items less food and energy advanced 3.7 percent over the past year. The food index also increased over the last 12 months, up 2.2 percent. In contrast, the energy index fell 9.2 percent over the past year. (See table 1.)

Food

The food index rose 2.5 percent from August to October, primarily due to a 3.3-percent increase in the food at home index. Four of the six major grocery store food group indexes increased from August to October, most notable, other food at home (+8.9 percent) and fruits and vegetables (+7.7 percent). In comparison, the index for food away from home rose 0.8 percent over the same period.

The food index increased 2.2 percent for the 12 months ending in October. The food at home index rose 1.8 percent over the past 12 months, while the index for food away from home increased 3.2 percent over the same period. Four of the six major grocery store food group indexes increased over the past year, led by a 7.9-percent increase in the fruits and vegetables index. In comparison, the index for meats, poultry, fish, and eggs declined 3.0 percent over the past year.

Energy

The energy index declined 3.5 percent from August to October. The decline in the energy index was primarily attributed to a 7.1-pecent decline in the gasoline index. The natural gas index also decreased over the two-month period, down 1.7 percent. In contrast, the electricity index rose 1.3 percent over the same period.

The energy index fell 9.2 percent for the 12 months ending in October, led by declines in the gasoline (-8.7 percent) and electricity (-10.5 percent) indexes. The natural gas index also declined over the past year, down 3.7 percent.

All items less food and energy

The index for all items less food and energy rose 0.7 percent from August to October. The index for shelter increased 0.9 percent over the bi-monthly period. The indexes for owners' equivalent rent (+0.4 percent) and rent of primary residence (+0.7 percent) also increased from August to October.

The index for all items less food and energy advanced 3.7 percent for the 12 months ending in October. The shelter index increased 4.8 percent over the last year and was the largest contributor to the total 12-month increase in the all items less food and energy index. The index for owners' equivalent rose 4.8 percent over the past 12 months as did the index for rent of primary residence.

Month	2020		2021		2022		2023		2024
	2-month	12-month	2-month	12-month	2-month	12-month	2-month	12-month	2-month	12-month
February	0.4	1.4	0.8	1.4	2.8	9.3	2.1	9.2	1.4	4.9
April	-1.0	-0.5	1.6	4.1	1.5	9.1	1.4	9.0	1.0	4.5
June	0.7	0.7	1.6	5.1	2.5	10.1	0.5	6.9	-0.4	3.5
August	1.0	1.4	0.2	4.2	0.4	10.2	1.2	7.8	0.3	2.6
October	0.1	1.0	1.5	5.7	0.9	9.6	0.5	7.4	0.6	2.7
December	-0.2	1.1	1.2	7.1	1.4	9.9	-0.2	5.7

The Miami-Fort Lauderdale-West Palm Beach Consumer Price Index for December 2024 is scheduled to be released on Wednesday, January 15, 2025, at 8:30 a.m. (ET).

Technical Note

The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services. The Consumer Price Index for Miami is published bi-monthly. The set of components and sub-aggregates published for regional and metropolitan indexes is more limited than at the U.S. city average level; these indexes are byproducts of the national CPI program. Each local index has a much smaller sample size than the national or regional indexes and is, therefore, subject to substantially more sampling and other measurement error. As a result, local-area indexes are more volatile than the national or regional indexes. In addition, local indexes are not adjusted for seasonal influences. NOTE: Area indexes do not measure differences in the level of prices between cities; they only measure the average change in prices for each area since the base period.

The Miami-Fort Lauderdale-West Palm Beach, FLCore Based Statistical Area is comprised of Broward County, Miami-Dade County, and Palm Beach County.

Refer to the national CPI news release technical note or the Handbook of Methods for more information.

Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.

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