(U.S. BUREAU OF LABOR STATISTICS) The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported. This decline in the all items index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all items index increased 3.5 percent before seasonal adjustment.
The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the month, as did the index for food at home and the index for food away from home.
The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for recreation, household furnishings and operations, and personal care were among the major indexes that increased in June.
The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index increased 3.0 percent over the last year.
Food
The food index rose 0.2 percent in June, as it did in May. The index for food at home also increased 0.2 percent over the month. Four of the six major grocery store food group indexes increased in June. The meats, poultry, fish, and eggs index increased 0.6 percent over the month as the eggs index rose 4.3 percent. The index for other food at home increased 0.5 percent in June, and the index for dairy and related products rose 1.2 percent. The cereals and bakery products index increased 0.3 percent over the month.
In contrast, the index for nonalcoholic beverages fell 1.5 percent in June as the index for coffee declined 2.0 percent. The fruits and vegetables index decreased 0.2 percent over the month.
The food away from home index rose 0.2 percent in June. The index for full service meals rose 0.4 percent, and the index for limited service meals rose 0.1 percent over the month.
The index for food at home rose 2.7 percent over the 12 months ending in June. The fruits and vegetables index rose 5.3 percent over the last 12 months. The index for other food at home increased 2.4 percent, and the index for meats, poultry, fish, and eggs rose 2.6 percent over the year. The nonalcoholic beverages index increased 2.9 percent over the 12 months ending in June, and the cereals and bakery products index rose 2.4 percent over the same period. The index for dairy and related products rose 0.4 percent over the year.
The food away from home index rose 3.4 percent over the last year. The index for full service meals rose 3.7 percent, and the index for limited service meals rose 3.1 percent over the 12 months ending in June.
Energy
The index for energy decreased 5.7 percent in June, the largest 1-month decline since April 2020. The gasoline index decreased 9.7 percent over the month. (Before seasonal adjustment, gasoline prices also decreased 9.7 percent in June.) The index for electricity fell 1.0 percent in June. Conversely, the index for natural gas increased 0.5 percent over the same period.
The index for energy increased 15.7 percent over the past 12 months due in large part to the index for gasoline rising 26.7 percent over the same period. The electricity index increased 4.0 percent over the 12 months ending in June, and the natural gas index rose 3.0 percent.
All items less food and energy
The index for all items less food and energy was unchanged in June after rising 0.2 percent in May. The shelter index increased 0.1 percent over the month, the smallest 1-month change reported for that index since January 2021. The index for owners’ equivalent rent rose 0.2 percent in June, and the index for rent increased 0.1 percent. The lodging away from home index fell 2.3 percent over the month.
The motor vehicle insurance index declined 2.0 percent in June after falling 1.7 percent in May. The index for communication fell 1.5 percent over the month, and the index for apparel declined 0.6 percent. The used cars and trucks index fell 0.2 percent in June.
The medical care index decreased 0.1 percent in June after rising 0.3 percent in May. The index for physicians’ services decreased 0.2 percent over the month, and the index for prescription drugs declined 0.1 percent. Conversely, the hospital services index increased 0.1 percent in June.
The index for recreation increased 0.5 percent over the month after rising 0.3 percent in May. The household furnishings and operations index rose 0.2 percent in June as did the personal care index. The index for new vehicles was unchanged in June after declining 0.3 percent in May.
The index for all items less food and energy rose 2.6 percent over the past 12 months. The shelter index increased 3.3 percent over the last year. Other indexes with notable increases over the last year include airline fares (+26.5 percent), medical care (+2.0 percent), recreation (+2.8 percent), and household furnishings and operations (+2.5 percent).
Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5 percent over the last 12 months to an index level of 333.952 (1982-84=100). For the month, the index decreased 0.3 percent prior to seasonal adjustment.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12 months to an index level of 327.075 (1982-84=100). For the month, the index decreased 0.5 percent prior to seasonal adjustment.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.4 percent over the last 12 months. For the month, the index decreased 0.3 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.
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