Research >> Economics

Consumer Price Index increased 0.3% in July, Ex Fd & Engy rose 0.3%


The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in July on a seasonally adjusted basis after rising 0.1 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.8 percent before seasonal adjustment.

Increases in the indexes for gasoline and shelter were the major factors in the seasonally adjusted all items monthly increase. The energy index rose in July as the gasoline and electricity indexes increased, though the natural gas index declined. The index for food was unchanged for the second month in a row, as a decline in the food at home index was offset by an increase in the food away from home index.

The index for all items less food and energy rose 0.3 in July, the same increase as in June. The July rise was broad-based, with increases in the indexes for shelter, medical care, airline fares, household furnishings and operations, apparel, and personal care all contributing to the increase. The index for new vehicles was one of the few to decline in July.

The all items index increased 1.8 percent for the 12 months ending July, a larger increase than the 1.6-percent rise for the period ending June. The index for all items less food and energy rose 2.2 percent over the last 12 months, slightly more than the 2.1-percent increase for the period ending June. The food index rose 1.8 percent over the last year while the energy index declined 2.0 percent.

Food
The food index was unchanged in July. The index for food at home declined 0.1 percent after falling 0.2 percent in June. In July, three of the major grocery store food group indexes declined and three increased. The index for other food at home fell 0.7 percent in July after rising 0.7 percent in June. The index for nonalcoholic beverages fell for the second consecutive month, declining 0.4 percent. The index for dairy and related products declined 0.3 percent after rising in each of the previous 5 months.

In contrast, the index for fruits and vegetables rose 0.3 percent in July after declining in recent months, as the index for fresh vegetables increased 1.3 percent in July. The index for cereals and bakery products increased 0.3 percent in July, and the index for meats, poultry, fish, and eggs increased 0.1 percent; both indexes declined in June.

The index for food away from home increased 0.2 percent in July following a 0.3-percent increase in June. The indexes for full service meals and for limited service meals both rose 0.2 percent.

Over the last 12 months, the food at home index increased 0.6 percent. The index for meats, poultry, fish, and eggs was unchanged over the span. The remaining major grocery store food group indexes increased over the last year, but none more than 1.9 percent (nonalcoholic beverages). The index for food away from home rose 3.2 percent over the last year, with both the full service meals and limited service meals indexes increasing 3.2 percent.

Energy
The energy index increased 1.3 percent in July after falling 2.3 percent in June. The gasoline index rose 2.5 percent in July following a 3.6-percent decline in June. (Before seasonal adjustment, gasoline prices rose 0.8 percent in July.) The index for electricity also increased in July, rising 0.6 percent after falling in May and June. The index for natural gas decreased in July, falling 1.8 percent, its seventh consecutive decline.

Despite the monthly increase, the energy index decreased 2.0 percent over the past 12 months. The gasoline index fell 3.3 percent, and the fuel oil index declined 6.0 percent over the year. The index for natural gas declined 2.9 percent over the past year, but the index for electricity increased, rising 0.5 percent.

All items less food and energy
The index for all items less food and energy increased 0.3 percent in July. The shelter index rose 0.3 percent in July, the same increase as in June. The index for rent increased 0.3 percent in July and the index for owners’ equivalent rent advanced 0.2 percent. The medical care index rose 0.5 percent in July as the hospital services index increased 0.5 percent, the prescription drugs index rose 0.4 percent, and the physicians’ services index advanced 0.2 percent.

The index for used cars and trucks rose 0.9 percent in July following a 1.6-percent increase in June. The index for airline fares rose 2.3 percent in July after declining in June. The index for household furnishings and operations increased 0.4 percent, its third consecutive monthly increase, and the indexes for communication, for apparel, and for personal care each also rose 0.4 percent in July. Also increasing in July were the indexes for motor vehicle insurance, for tobacco, and for alcoholic beverages.

The recreation index was unchanged in July after a decline in June. The index for new vehicles declined in July, falling 0.2 percent after increasing in each of the previous 4 months.

The index for all items less food and energy rose 2.2 percent over the past 12 months. Most major component indexes increased over the past year, including shelter (3.5 percent) and medical care (2.6 percent). Exceptions include communication (-1.3 percent) and apparel (-0.5 percent).

Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.8 percent over the last 12 months to an index level of 256.571 (1982-84=100). For the month, the index rose 0.2 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.7 percent over the last 12 months to an index level of 250.236 (1982-84=100). For the month, the index rose 0.2 percent prior to season aladjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.7 percent over the last 12 months. For the month, the index rose 0.2 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.






Posted: August 13, 2019 Tuesday 08:30 AM




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