July 11, 2024
The Consumer Price Index for All Urban Consumers (CPI-U) declined by 0.1 percent on a seasonally adjusted basis, following a stable rate in May, according to the U.S. Bureau of Labor Statistics. Over the past 12 months, the all items index surged by 3.0 percent before seasonal adjustment.
In June, the index for gasoline fell by 3.8 percent, following a 3.6 percent decline in May, which more than offset the increase in shelter costs. The overall energy index dropped by 2.0 percent, mirroring the previous month’s decline. Meanwhile, the food index rose by 0.2 percent, with the food away from home index increasing by 0.4 percent and the food at home index rising by 0.1 percent.
The index for all items excluding food and energy increased by 0.1 percent in June, a slight decrease from the 0.2 percent rise in the preceding month. Notable increases were seen in the indexes for shelter, motor vehicle insurance, household furnishings and operations, medical care, and personal care. However, the indexes for airline fares, used cars and trucks, and communication saw decreases during the month.
Over the 12 months ending in June, the all items index rose by 3.0 percent, down from the 3.3 percent increase for the 12 months ending in May. The index for all items less food and energy increased by 3.3 percent, marking the smallest 12-month rise since April 2021. The energy index saw a 1.0 percent increase, while the food index rose by 2.2 percent over the past year.
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