Consumer Price Index, Riverside Area — July 2024

Prices in the Riverside area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), fell 0.6 percent for the two months ending in July 2024, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Chris Rosenlund noted that the July decrease was influenced by lower prices for gasoline. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U rose 2.8 percent. (See chart 1 and table A.) Food prices rose 1.8 percent. Energy prices fell 3.7 percent, largely the result of a decrease in the price of gasoline. The index for all items less food and energy increased 3.6 percent over the year. (See table 1.)

Food prices decreased 0.4 percent for the two months ending in July. (See table 1.) Prices for food at home declined 0.8 percent, led by lower prices for dairy and related products (-5.4 percent). Prices for food away from home advanced 0.2 percent for the same period.

Over the year, food prices rose 1.8 percent. Prices for food at home decreased 1.2 percent since a year ago, with lower prices in five of the six grocery categories. Prices for food away from home advanced 6.1 percent.

The energy index decreased 8.1 percent for the two months ending in July. The decrease was mainly due to lower prices for gasoline (-9.4 percent). Prices for electricity declined 8.5 percent, while prices for natural gas service advanced 3.9 percent for the same period.

Energy prices fell 3.7 percent over the year, largely due to lower prices for gasoline (-4.4 percent). Prices paid for natural gas service fell 10.4 percent, while prices for electricity rose 0.4 percent during the past year.

The index for all items less food and energy rose 0.1 percent in the latest two-month period. Higher prices for shelter (0.7 percent) and recreation (0.7 percent) were partially offset by lower prices for household furnishings and operations (-0.9 percent) and medical care (-0.5 percent).

Over the year, the index for all items less food and energy increased 3.6 percent. Components contributing to the increase included shelter (6.6 percent) and education and communication (0.6 percent). Partly offsetting the increases were price decreases in household furnishings and operations (-8.0 percent) and new and used motor vehicles (-3.0 percent).

The September 2024 Consumer Price Index for the Riverside area is scheduled to be released on October 10, 2024.

The Consumer Price Index (CPI) is a measures of the average change in prices over time in a fixed market basket of goods and services. The Bureau of Labor Statistics publishes CPIs for two population groups: (1) a CPI for All Urban Consumers (CPI-U) which covers approximately 93 percent of the total U.S. population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers approximately 29 percent of the total U.S. population. The CPI-U includes, in addition to wage earners and clerical workers, groups such as professional, managerial, and technical workers, the self-employed, short-term workers, the unemployed, and retirees and others not in the labor force.

The CPI is based on prices of food, clothing, shelter, and fuels, transportation fares, charges for doctors' and dentists' services, drugs, and the other goods and services that people buy for day-to-day living. Each month, prices are collected in 75 urban areas across the country from about 6,000 housing units and approximately 22,000 retail establishments-department stores, supermarkets, hospitals, filling stations, and other types of stores and service establishments. All taxes directly associated with the purchase and use of items are included in the index.

The index measures price changes from a designated reference date; for most of the CPI-U the reference base is 1982-84 equals 100. An increase of 7 percent from the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the price of a base period market basket of goods and services rising from $100 to $107. For further details see the CPI home page on the Internet at www.bls.gov/cpiand the CPI section of the BLS Handbook of Methods available on the internet at www.bls.gov/opub/hom/cpi/.

In calculating the index, price changes for the various items in each location are averaged together with weights that represent their importance in the spending of the appropriate population group. Local data are then combined to obtain a U.S. city average. Because the sample size of a local area is smaller, the local area index is subject to substantially more sampling and other measurement error than the national index. In addition, local indexes are not adjusted for seasonal influences. As a result, local area indexes show greater volatility than the national index, although their long-term trends are quite similar. 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 Riverside-San Bernardino-Ontario, CA metropolitan area includes Riverside and San Bernardino Counties in California.

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