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 today.
Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.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 over the month while the index for food away
from home rose 0.2 percent in July. The energy index rose 0.1 percent in July as the major energy
component indexes were mixed.The index for all items less food and energy rose 0.2 percent in July, as it did in June. Indexes
which increased in June include shelter, motor vehicle insurance, education, and recreation. The
indexes 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 over the last 12 months. The energy index decreased 12.5 percent for the 12 months
ending July, and the food index increased 4.9 percent over the last year.
emphasis added
CPI and core CPI were at expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.