Virginia Consumer Price Index

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The Virginia Consumer Price Index (CPI) is a measurement of the average changes over time in the prices paid by urban consumers for a market basket of consumer goods and services in Virginia. The CPI serves as an important economic indicator for measuring inflation and gauging the purchasing power of consumers in the state. The Virginia CPI is based on data collected from various retail outlets, service establishments, rental units, and professional services in different cities and towns within the state. It covers a wide range of goods and services, including food, housing, transportation, healthcare, education, and recreation. By tracking the changes in prices across different categories of goods and services, the Virginia CPI provides valuable insights into cost-of-living adjustments, wage negotiations, and economic policy formulation. It helps to understand how the cost of living for consumers in Virginia is affected by price fluctuations. The Bureau of Labor Statistics (BLS) is responsible for calculating and publishing the CPI on a regular basis. The BLS releases both national and regional CPI's, with the Virginia CPI specifically focusing on the state's consumer price levels and trends. There are two main types of Virginia Consumer Price Indexes: the CPI-U and the CPI-W. 1. CPI-U (Consumer Price Index for All Urban Consumers): This index represents the spending patterns of all urban households, including professionals, wage earners, the self-employed, and retirees. It covers approximately 93% of the total population, making it the most comprehensive CPI measure. 2. CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers): This index specifically focuses on urban wage earners and clerical workers. It represents approximately 29% of the total population and is designed to reflect the spending patterns of households where more than half of the income is earned from clerical or wage occupations. Both CPI indexes utilize a market basket of goods and services that is updated periodically to accurately capture consumer spending patterns. The indexes are measured relative to a base period, which is assigned a value of 100. Subsequent periods show the percentage change in prices compared to the base period, allowing for easy interpretation of inflation or deflation trends. Overall, the Virginia Consumer Price Index plays a crucial role in understanding the economic landscape in Virginia and guiding policymakers, businesses, and consumers in making informed decisions based on accurate inflation data.

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The consumer price index , reported Tuesday by the Bureau of Labor Statistics, climbed 3.2% year over year in October?a slower pace than the 3.7% rate recorded in September and August. Economists surveyed by FactSet expected October's inflation rate to slow to 3.3% year over year.

The all items index rose 3.2 percent for the 12 months ending October, a smaller increase than the 3.7-percent increase for the 12 months ending September. The all items less food and energy index rose 4.0 percent over the last 12 months, its smallest 12-month change since the period ending in September 2021.

To find the CPI in any year, divide the cost of the market basket in year t by the cost of the same market basket in the base year. The CPI in 1984 =? $75/$75 x 100? = 100? The CPI is just an index value and it is indexed to 100 in the base year, in this case 1984. So prices have risen by 28% over that 20 year period.

Harvard. Australian Bureau of Statistics 2023, Monthly CPI indicator rose 5.2% annually to August 2023, ABS, viewed 12 November 2023, < >.

Not seasonally adjusted CPI measures The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.7 percent over the last 12 months to an index level of 307.789 (1982-84=100).

In the 12 months through October, the CPI climbed 3.2% after rising 3.7% in September. Economists polled by Reuters had forecast the CPI gaining 0.1% on the month and increasing 3.3% on a year-on-year basis.

Consumer Price Index, Los Angeles area ? September 2023 MonthAll itemsAll items less food and energyDec 20224.94.5Jan 20235.84.5Feb 20235.14.5Mar 20233.74.333 more rows

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Virginia Consumer Price Index