July 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, after declining 0.1 percent in June, the U.S. Bureau of Labor Statistics reported. The index for shelter rose 0.4 percent, accounting for nearly 90 percent of the monthly increase in the all items index. The energy index was unchanged over the month, after declining in the two preceding months. The index for food increased 0.2 percent in July, as it did in June. The food away from home index rose 0.2 percent, and the food at home index increased 0.1 percent. The index for all items less food and energy rose 0.2 percent in July, after rising 0.1 percent the preceding month. Indices which increased in July include shelter, motor vehicle insurance, household furnishings and operations, education, recreation, and personal care. The indices for used cars and trucks, medical care, airline fares, and apparel were among those that decreased over the month.
The all items index rose 2.9 percent for the 12 months ending July, the smallest 12-month increase since March 2021. The all items less food and energy index rose 3.2 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.1 percent for the 12 months ending July. The food index increased 2.2 percent over the last year.
Bureau of Labor Statistics Consumer Price Index
