Area Prices Were Up 7.0 Percent From a Year Ago
The New England Information Office of the U.S. Bureau of Labor Statistics (BLS) has released figures for the Boston CPI in July 2022. The CPI program produces monthly data on the changes in prices paid by urban consumers for a representative basket of goods and services. The highlights appear below:
• The Consumer Price Index for All Urban Consumers (CPI-U) in the Boston-Cambridge-Newton area was up 0.7 percent over the two months. This was mainly attributable to higher prices within food, up 2.6 percent.
• Over the last 12 months, the CPI-U rose 7.0 percent in Boston; the rate was lower than the national rate, up 8.5 percent.
• The all items less food and energy index increased 3.9 percent over the year driven mainly by higher shelter (2.8 percent), medical care (6.9 percent), and new and used motor vehicle costs (7.5 percent).
• Energy prices jumped 43.9 percent since last July largely attributable to higher gasoline prices, up 55.1 percent.
• Food prices increased over the year (10.3 percent) the highest annual advance recorded in Boston since July 1979 (+12.4 percent). This was mainly due to higher grocery prices, up 10.9 percent.
• Of the twelve metropolitan areas for which inflation measures are available this month, Boston had the third-lowest annual rate (7.0 percent). New York-Newark-Jersey City, NY-NJ-PA posted the lowest annual rate (6.5 percent). The largest increase was seen in Tampa-St. Petersburg-Clearwater, FL (11.2 percent).