Consumer Price Index, Minneapolis-St. Paul-Bloomington area – March 2024

Prices in the Minneapolis-St. Paul-Bloomington area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.6 percent for the two months ending in March 2024, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Jason Palmer noted the energy index was higher while the food index fell. The index for all items less food and energy rose from January to March due to higher prices for medical care, new and used motor vehicles, and household furnishings and operations. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U advanced 2.7 percent. (See chart 1 and table A.) The index for all items less food and energy rose 3.2 percent over the year. Food prices rose 0.9 percent. Energy prices fell 0.7 percent, largely the result of a decrease in prices for utility (piped) gas service. (See table 1.)

Food

Food prices declined 0.2 percent for the two months ending in March. (See table 1.) Prices for food at home (groceries) decreased 1.4 percent, and food prices away from home (restaurant, cafeteria, and vending purchases) rose 1.7 percent for the same period.

Over the year, food prices rose 0.9 percent. Prices for food at home declined 2.1 percent since a year ago. Four of the six major grocery store food group indexes were lower over the year. Categories decreasing were fruits and vegetables (-6.7 percent), dairy and related products (-3.9 percent), cereals and bakery products (-2.6 percent), and the index for meats, poultry, fish, and eggs (-1.6 percent). Food prices away from home rose 5.9 percent.

Energy

The energy index rose 6.0 percent for the two months ending in March. The increase was mainly due to higher gasoline prices (+15.2 percent). Electricity prices rose 3.1 percent, while utility (piped) gas service prices fell 12.3 percent for the same period.

Energy prices fell 0.7 percent over the year, largely due to lower prices for utility (piped) gas service (-16.7 percent). Prices paid for electricity advanced 6.8 percent, while gasoline prices fell 0.2 percent during the past year.

All items less food and energy

The index for all items less food and energy increased 0.3 percent in the latest two-month period. Higher prices for medical care (+2.0 percent), new and used motor vehicles, including leased cars and trucks (+1.8 percent), and household furnishings and operations (+1.3 percent) were partially offset by lower prices for recreation (-2.1 percent).

Over the year, the index for all items less food and energy rose 3.2 percent. Components contributing to the increase included shelter (+5.1 percent) and recreation (+5.5 percent).

Table A. Minneapolis-St. Paul-Bloomington, MN-WI, CPI-U 2-month and 12-month percent changes, all items index, not seasonally adjusted

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
January	0.6	3.0	0.4	1.6	0.7	7.2	0.5	5.1	0.2	2.6
March	-0.3	1.2	1.1	3.0	2.1	8.2	0.4	3.4	0.6	2.7
May	-0.1	0.0	1.4	4.6	1.9	8.7	0.4	1.8
July	-0.1	-0.3	1.7	6.5	1.2	8.2	0.4	1.0
September	2.1	1.9	1.1	5.4	0.4	7.4	1.5	2.2
November	-0.4	1.7	1.0	6.9	-1.0	5.3	-0.4	2.8

The May 2024 Consumer Price Index for the Minneapolis-St. Paul-Bloomington area is scheduled to be released on June 12, 2024.

Technical Note

The Consumer Price Index for Minneapolis is published bi-monthly. 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 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 population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 29 percent of the total 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 87 urban areas across the country from about 4,000 housing units and approximately 26,000 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 (1982-84) that equals 100.0. An increase of 16.5 percent, for example, is shown as 116.5. This change can also be expressed in dollars as follows: the price of a base period "market basket" of goods and services in the CPI has risen from $10 in 1982-84 to $11.65. For further details see the CPI home page on the Internet at www.bls.gov/cpi and the BLS Handbook of Methods, Chapter 17, The Consumer Price Index, available on the Internet at www.bls.gov/opub/hom/homch17_a.htm.

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 Minneapolis-St. Paul-Bloomington, MN-WI Core Based Statistical Area consists of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.

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.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): Indexes and percent changes for selected periods
Minneapolis-St. Paul-Bloomington, MN-WI (1982-84=100 unless otherwise noted)

Item and Group	Indexes	Percent change from-
Jan. 2024	Feb. 2024	Mar. 2024	Mar. 2023	Jan. 2024	Feb. 2024
Expenditure category
All items	296.135	-	297.769	2.7	0.6	-
All items (1967=100)	930.611	-	935.748	-	-	-
Food and beverages	359.413	-	358.489	0.9	-0.3	-
Food	348.452	-	347.729	0.9	-0.2	-
Food at home	310.237	307.524	305.808	-2.1	-1.4	-0.6
Cereals and bakery products	333.455	340.607	340.229	-2.6	2.0	-0.1
Meats, poultry, fish and eggs	340.293	342.460	337.248	-1.6	-0.9	-1.5
Dairy and related products	314.757	317.549	312.136	-3.9	-0.8	-1.7
Fruits and vegetables	394.352	390.716	384.895	-6.7	-2.4	-1.5
Nonalcoholic beverages and beverage materials(1)	196.794	195.276	193.433	0.1	-1.7	-0.9
Other food at home	262.555	253.339	255.927	0.7	-2.5	1.0
Food away from home	404.632	-	411.355	5.9	1.7	-
Alcoholic beverages	440.719	-	437.490	1.8	-0.7	-
Housing	283.824	-	284.297	3.8	0.2	-
Shelter	333.658	334.049	334.067	5.1	0.1	0.0
Rent of primary residence(2)	342.468	342.657	343.247	4.4	0.2	0.2
Owners' equiv. rent of residences(2)(3)	356.714	356.092	356.457	5.7	-0.1	0.1
Owners' equiv. rent of primary residence(2)(3)	356.714	356.092	356.457	5.7	-0.1	0.1
Fuels and utilities	276.873	-	274.725	1.5	-0.8	-
Household energy	240.267	245.376	235.483	-1.6	-2.0	-4.0
Energy services(2)	243.257	248.379	238.019	-1.3	-2.2	-4.2
Electricity(2)	303.222	307.391	312.565	6.8	3.1	1.7
Utility (piped) gas service(2)	180.199	186.553	157.983	-16.7	-12.3	-15.3
Household furnishings and operations	140.766	-	142.602	-3.3	1.3	-
Apparel	154.711	-	157.150	4.2	1.6	-
Transportation	242.569	-	249.642	1.5	2.9	-
Private transportation	228.901	-	240.075	4.1	4.9	-
New and used motor vehicles(4)	110.036	-	112.065	-1.6	1.8	-
New vehicles(1)	194.497	-	193.930	0.9	-0.3	-
Used cars and trucks(1)	355.174	-	357.237	-1.9	0.6	-
Motor fuel	234.576	251.657	269.992	-0.2	15.1	7.3
Gasoline (all types)	234.605	251.781	270.179	-0.2	15.2	7.3
Gasoline, unleaded regular(5)	233.996	251.619	270.419	-0.3	15.6	7.5
Gasoline, unleaded midgrade(5)(6)	239.911	254.647	271.432	0.1	13.1	6.6
Gasoline, unleaded premium(5)	304.505	321.364	340.263	0.8	11.7	5.9
Medical care	618.593	-	631.160	0.5	2.0	-
Recreation(4)	147.511	-	144.464	5.5	-2.1	-
Education and communication(4)	143.262	-	142.890	0.5	-0.3	-
Tuition, other school fees, and childcare(1)	1,245.063	-	1,245.598	3.3	0.0	-
Other goods and services	479.843	-	487.127	2.9	1.5	-
Commodity and service group
All items	296.135	-	297.769	2.7	0.6	-
Commodities	219.877	-	222.890	-0.3	1.4	-
Commodities less food and beverages	162.010	-	166.209	-1.1	2.6	-
Nondurables less food and beverages	220.946	-	230.404	1.6	4.3	-
Durables	113.726	-	114.153	-4.3	0.4	-
Services	363.621	-	364.135	4.4	0.1	-
Special aggregate indexes
All items less medical care	281.409	-	282.584	2.9	0.4	-
All items less shelter	280.448	-	282.655	1.2	0.8	-
Commodities less food	171.608	-	175.679	-1.0	2.4	-
Nondurables	285.381	-	290.223	1.2	1.7	-
Nondurables less food	235.803	-	244.588	1.5	3.7	-
Services less rent of shelter(3)	411.539	-	412.320	3.5	0.2	-
Services less medical care services	338.937	-	338.555	4.9	-0.1	-
Energy	242.014	253.024	256.632	-0.7	6.0	1.4
All items less energy	306.172	-	306.861	2.9	0.2	-
All items less food and energy	299.989	-	300.871	3.2	0.3	-
Footnotes (1) Index on an April 1978=100 base. (2) This index series was calculated using a Laspeyres estimator. All other item stratum index series were calculated using a geometric means estimator. (3) Index on a December 1982=100 base. (4) Indexes on a December 1997=100 base. (5) Special index based on a substantially smaller sample. (6) Index on a December 1993=100 base.
- Data not available. Note: Index applies to a month as a whole, not to any specific date. Data not seasonally adjusted.

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