August 14, 2024
The U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2% on a seasonally adjusted basis in July, following a 0.1% decline in June. Over the past 12 months, the overall CPI-U has increased by 2.9% before seasonal adjustment, which represents the smallest 12-month increase since March 2021.
In July, the shelter index experienced a 0.4% increase, contributing nearly 90% to the total rise in the all-items index. The energy index showed no change for the month after having decreased in the previous two months. The food index went up by 0.2% in July, consistent with the increase in June. Breaking down the food index, the food away from home component rose by 0.2%, and the food at home component increased by 0.1%.
Excluding the food and energy categories, the CPI-U for all other items climbed by 0.2% in July, which is a slightly higher increase compared to the 0.1% rise in June. Several indexes contributed to the increase, such as those for shelter, motor vehicle insurance, household furnishings and operations, education, recreation, and personal care. Conversely, the indexes for used cars and trucks, medical care, airline fares, and apparel witnessed declines during the month.
Over the 12 months ending in July, the index for all items excluding food and energy rose by 3.2%, marking the smallest year-over-year increase since April 2021. Meanwhile, the energy index went up by 1.1% over the last 12 months. The food index, on the other hand, recorded a 2.2% increase over the past year. These statistics reflect the ongoing trends and fluctuations in consumer prices across different sectors in the current economic environment.
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