August 10, 2022
The U.S. Bureau of Labour Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July 2022, on a seasonally adjusted basis after rising 1.3% in June. The all-items index rose by 8.5% before seasonal adjustment over the last year.
The all-items index was flat for the month of July as a result of the 7.7% decline in the gasoline index, which cancelled out rises in the food and shelter indices. Over the month, the index for energy fell by 4.6% as the indices for gasoline and natural gas declined while the index for electricity increased.
The all-items less food and energy index climbed 0.3% in July, representing a minor increase than in April, May or June. The index for household furnishings and operations rose by 1.3% while the shelter index increased by 0.2%. The indices for shelter, medical care, motor vehicle insurance, household furnishings and operations, new vehicles, and recreation were among those that rose during the month. Several indices saw decreases in July, including those for apparel, used cars and trucks, communication, and airline fares.
The all-items index grew 8.5% in the year ending July, which was less than the 9.1% gain in the year ending June. Over the previous year, the index of all items less food and energy increased by 5.9%. The energy index grew 32.9% in the year ending July, less than the 41.6% growth in the year ending June. The food index grew 10.9% in the previous year, the highest 12-month gain since May 1979.
The index for food maintained its growth trajectory, rising 1.1% for the month of July, while the food at home index increased 1.3%. The non-alcoholic beverages index increased the most by 2.3%, while the index for coffee increased by 3.5%. The index for nonalcoholic beverages increased the greatest, by 2.3 percent, while the index for coffee increased by 3.5 percent. The other food at home index gained 1.8%, as did cereals and bakery products index. The dairy and related products index rose 1.7% over month. After falling in June, the index for meats, poultry, fish, and eggs gained 0.5% in July. The index for fruits and vegetables rose 0.5% over the month. The food away from home index increased by 0.7% in July, following a 0.9% increase in June. Over the month, the index for limited service meals climbed by 0.8%, while the index for full service meals increased by 0.6%.
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