August 2023
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported. The index for shelter was by far the largest contributor to the monthly all items increase, accounting for over 90 percent of the increase, with the index for motor vehicle insurance also contributing. The food index increased 0.2 percent in July after increasing 0.1 percent the previous month. The index for food at home increased 0.3 percent while the index for food away from home rose 0.2 percent. The energy index rose 0.1 percent as the major energy component indices were mixed. The index for all items less food and energy rose 0.2 percent in July, as it did in June. Indices which increased in June include shelter, motor vehicle insurance, education, and recreation. The indices for airline fares, used cars and trucks, medical care, and communication were among those that decreased over the month.
The all items index increased 3.2 percent for the 12 months ending July, slightly more than the 3.0-percent increase for the 12 months ending in June. The all items less food and energy index rose 4.7 percent. The energy index decreased 12.5 percent for the 12 months ending July, and the food index increased 4.9 percent.
