by Calculated Risk on 8/10/2022 08:32:00 AM
adjusted basis after rising 1.3 percent in June, the U.S. Bureau of Labor Statistics reported today.
Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment.
The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes,
resulting in the all items index being unchanged over the month. The energy index fell 4.6 percent
over the month as the indexes for gasoline and natural gas declined, but the index for electricity
increased. The food index continued to rise, increasing 1.1 percent over the month as the food at
home index rose 1.3 percent.
The index for all items less food and energy rose 0.3 percent in July, a smaller increase than in
April, May, or June. The indexes for shelter, medical care, motor vehicle insurance, household
furnishings and operations, new vehicles, and recreation were among those that increased over the
month. There were some indexes that declined in July, including those for airline fares, used cars
and trucks, communication, and apparel.
The all items index increased 8.5 percent for the 12 months ending July, a smaller figure than the
9.1-percent increase for the period ending June. The all items less food and energy index rose 5.9
percent over the last 12 months. The energy index increased 32.9 percent for the 12 months ending
July, a smaller increase than the 41.6-percent increase for the period ending June. The food index
increased 10.9 percent over the last year, the largest 12-month increase since the period ending
The consensus was for 0.2% increase in CPI, and a 0.5% increase in core CPI. Both were below expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.