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San Diego Consumer Price Index drops

2 August 2010 No Comment

By Helen Kaiao Chang

See original story on SDNN

Friday, August 14, 2009

Overall consumer prices in San Diego dropped slightly in the last year, pulled down mostly by transportation costs, according to the U.S. Department of Labor.

The San Diego Consumer Price Index declined 0.6 percent in the past year, and 0.5 percent in the first half of 2009, according to Regional Commissioner Richard Holden of the Bureau of Labor Statistics.

“From the perspective of the consumer, anytime prices drop it’s a good thing, it means you can buy more,” said Amar Mann, regional economist at the Bureau of Labor Statistics, to SDNN.

“But for those that have been out of work, or had their wages cut, these lower prices probably while still good, is still a small consolation.”

Transportation was the leading sector for price declines. In the past year, gas prices dropped by more than one-third, or 35.9 percent. Transportation sector prices generally dropped by 13.7 percent, and nearly 10 percent in the last six months.

Other consumer prices rose. Food and drink costs increased 2.7 percent in the last year, and 0.5 percent in the last six months. Alcoholic beverage prices rose 4.9 percent in the last year. Education and communication prices also rose nearly two percent in the last year, rising by 2.9 percent in the last six months. Other goods and services rose 6.4 percent in the last year.

Housing prices were also up — 2.5 percent over last year — while fuel and utility costs rose 16.6 percent in the same period.

Follow Helen on Twitter @HelenChang.

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