The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.
The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.
The index for all items less food and energy rose 0.7 percent in June, after increasing 0.6 percent in the preceding two months. While almost all major component indexes increased over the month, the largest contributors were the indexes for shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles. The indexes for motor vehicle repair, apparel, household furnishings and operations, and recreation also increased in June. Among the few major component indexes to decline in June were lodging away from home and airline fares.
The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The all items less food and energy index rose 5.9 percent over the last 12 months. The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980. The food index increased 10.4 percent for the 12-months ending June, the largest 12-month increase since the period ending February 1981.
Food
The food index increased 1.0 percent in June following a 1.2-percent increase the prior month. The index for food at home also rose 1.0 percent in June, the sixth consecutive increase of at least 1.0 percent in that index. Five of the six major grocery store food group indexes rose in June. The index for other food at home rose 1.8 percent, with sharp increases in the indexes for butter and for sugar and sweets. The index for cereals and bakery products increased 2.1 percent in June, with the index for flour rising 5.3 percent. The dairy and related products index rose 1.7 percent over the month, following a 2.9-percent increase in May.
The fruits and vegetables index increased 0.7 percent in June after rising 0.6 percent in May. The index for nonalcoholic beverages rose 0.8 percent over the month. The only major grocery group index to decline in June was the index for meats, poultry, fish, and eggs which fell 0.4 percent over the month as the indexes for beef and pork declined.
The food away from home index rose 0.9 percent in June after rising 0.7 percent in May. The index for full service meals rose 0.8 percent over the month. The index for limited service meals increased 0.7 percent in June, as it did in May.
The food at home index rose 12.2 percent over the last 12 months, the largest 12-month increase since the period ending April 1979. All six major grocery store food group indexes increased over the span, with five of the six rising more than 10 percent. The index for other food at home increased the most, rising 14.4 percent, with the index for butter and margarine increasing 26.3 percent. The remaining groups saw increases ranging from 8.1 percent (fruits and vegetables) to 13.8 percent (cereals and bakery products).
The index for food away from home rose 7.7 percent over the last year, the largest 12-month change since the period ending November 1981. The index for full service meals rose 8.9 percent over the last 12 months, and the index for limited service meals rose 7.4 percent over the last year.
Energy
The energy index increased 7.5 percent in June after rising 3.9 percent in May. The gasoline index rose 11.2 percent in June after increasing 4.1 percent in May. (Before seasonal adjustment, gasoline prices rose 9.9 percent in June.) The index for natural gas rose 8.2 percent in June, the largest monthly increase since October 2005. The electricity index also increased in June, rising 1.7 percent.
The energy index rose 41.6 percent over the past 12 months. The gasoline index increased 59.9 percent over the span, the largest 12-month increase in that index since March 1980. The index for electricity rose 13.7 percent, the largest 12-month increase since the period ending April 2006. The index for natural gas increased 38.4 percent over the last 12 months, the largest such increase since the period ending October 2005.
All items less food and energy
The index for all items less food and energy rose 0.7 percent in June. The shelter index increased 0.6 percent in June, as it did in May. The rent index rose 0.8 percent over the month, the largest monthly increase since April 1986, and the owners' equivalent rent index rose 0.7 percent. The index for lodging away from home fell 2.8 percent in June after a string of increases in recent months.
The index for used cars and trucks rose 1.6 percent in June after rising 1.8 percent in May. The motor vehicle insurance index increased 1.9 percent over the month, the sixth consecutive increase in that index. The index for new vehicles rose in June, increasing 0.7 percent after rising 1.0 percent in May. The motor vehicle maintenance and repair index increased 2.0 percent in June, its largest increase since September 1974.
The medical care index rose 0.7 percent in June, with all medical care component indexes increasing over the month. The index for dental services increased 1.9 percent in June, the largest monthly change ever recorded for that series, which dates to 1995. The hospital services index increased 0.3 percent over the month, while the physicians' services index rose 0.1 percent. The index for prescription drugs also increased 0.1 percent in June.
The apparel index rose 0.8 percent in June, following a 0.7-percent increase in May. The index for household furnishings and operations continued to rise, increasing 0.4 percent over the month. The recreation index rose 0.3 percent in June. Other indexes that increased in June include education (+0.4 percent), personal care (+0.4 percent), alcoholic beverages (+0.4 percent), and tobacco (+0.6 percent).
Among the limited number of indexes which declined in June was the index for airline fares, which fell 1.8 percent in June after rising sharply in recent months. The communication index was unchanged over the month.
The index for all items less food and energy rose 5.9 percent over the past 12 months. The increase was broad-based, reflecting advances in almost all major component indexes. The shelter index rose 5.6 percent over the last year, the largest 12-month increase since the period ending February 1991. The index for household furnishings and operations increased 9.5 percent over the last 12 months. The index for new vehicles rose 11.4 percent and the index for used cars and trucks increased 7.1 percent over the year, while the index for airline fares rose 34.1 percent.
Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) increased 9.1 percent over the last 12 months to an index level of 296.311 (1982-84=100). For the month, the index increased 1.4 percent prior to seasonal adjustment.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 9.8 percent over the last 12 months to an index level of 292.542 (1982-84=100). For the month, the index rose 1.6 percent prior to seasonal adjustment.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 8.4 percent over the last 12 months. For the month, the index increased 1.2 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.
Last Update: Jul 13, 2022 8:14 am CDT
