The cost of basic consumer goods hit another record high in the second quarter of 2007, according to data from the Department of Commerce.
The consumer price index for the period between April and June 2007 increased 13.4 index points, compared with the same period one year ago. From 100.3 in the second quarter of 2006, the CPI for all goods and services climbed to 113.7 in the second quarter of this year.
This means that a market basket of goods and services that cost $100 during the 2003 base period cost $113.7 in April-June 2007.
The latest CPI is the highest since 2000.
The Department of Commerce reported that higher housing and utility costs accounted for much of the increase in the overall index, which includes eight other categories: food, alcoholic beverages, apparel, transportation, medical care, recreation, education and communications, and other goods and services.
The housing and utilities index rose 43.1 index points-from 101 in the second quarter of 2006 to 144.5 in the second quarter of 2007.
The Commonwealth Utilities Corp.'s new schedule, which doubled power rates, was implemented in July 2006. Accordingly, the housing and utilities index skyrocketed by 38.7 points, reaching 139.7 in the second quarter of 2006 to the following quarter. Since then, housing and utility prices have recorded steady increases to 140.5 in the fourth quarter of 2006 and 140.9 in the first quarter of 2007.
Food prices climbed six index points to reach 106.2 in the second quarter of this year. The cost of alcoholic beverages went up 3.9 index points, at 103.9 in the second quarter of 2007, as well as in the quarter before that.
Prices for apparel and medical care were slightly higher, posting increases of 1.6 and 1.1 index points respectively over the most recent one-quarter period. The education and communication index registered a minimal increase of 0.6 point.
Recreation was the only category to record a drop. The recreation index dipped 0.3 point, at 100.4 in the second quarter of 2007.
Prices for transportation, and other goods and services, which include tobacco and smoking products and personal care items, remained at the same level as they were in the first quarter of 2006.
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