Consumer Price Index

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Consumer Price Index

Last Updated: June 12th, 2024

Summary

• The Tampa-St. Petersburg-Clearwater, FL CPI increased by 1.8 percent from May 2023 to May 2024, while the US South Region had a 3.2 percent increase over the same period. CPI for the nation increased by 3.3 percent in May 2024 compared to May 2023.
• Other goods and services outpaced the rest of the components in the Tampa-St. Petersburg-Clearwater region, increasing by 7.3 percent from May 2023 to May 2024. Housing also continued to grow at a moderate rate, rising 4.0 percent over the 12-month period. Notably, both education and communication (9.2 percent decline) and apparel (5.9 percent decline) fell over the 12-month period ending in May 2024.

About the Data

The CPI is a monthly indicator produced by the Bureau of Labor Statistics (BLS) to measure inflation in the national economy, as well as the various regions and major metropolitan areas. The measure calculates the average price of a representative basket containing over 200 goods and services for urban consumers across the country. Expenditure items captured in the representative basket can be classified into one of eight major components – food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services.

The representative basket of goods and services is determined through the Consumer Expenditure Survey and utilizes spending diaries collected from thousands of households across the nation. Using this data, the BLS calculates the relative importance of each item in the basket of goods and services. The relative importance is published for the month of December each year. Check out our Issue Brief to learn more about the composition of the basket of goods and services and drivers of the CPI.

United States and U.S. South CPI data is updated by the U.S. BLS on a monthly basis.  Meanwhile, both the Miami-Ft. Lauderdale-West Palm Beach, FL and Tampa-St. Petersburg-Clearwater, FL CPI data are updated once every two months. The Tampa-St. Petersburg-Clearwater, FL region is updated for odd numbered months while the Miami-Ft. Lauderdale-West Palm Beach, FL region is updated for even numbered months.