The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.4 percent before seasonal adjustment.

US Inflation: May – July 2012 Consumer Prices

 

Major indexes posted small movements in July, with a 0.3 percent decline in the energy index offsetting 0.1 percent increases in the indexes for food and all items less food and energy. With in energy, declines in the indexes for electricity, natural gas, and fuel oil more than offset a small increase in the gasoline index. Within the food component, the food at home index was unchanged with major grocery store food group indexes mixed, while the food away from home index increased.

The index for all items less food and energy rose 0.1 percent in July, ending a streak of four consecutive 0.2 percent increases. The shelter index rose 0.1 percent for the second month in a row. The indexes for medical care, tobacco, house hold furnishings and operations, and apparel also increased, while the indexes for airline fares, used cars and trucks, recreation, and new vehicles all declined.

The 12-month change in the index for all items was 1.4 percent in July. This compares to 1.7 percent in June and is the smallest 12-month change since November 2010. The index for all items less food and energy rose 2.1 percent for the 12 months ending July, a slight decline from the 2.2 percent figure in June and its smallest increase since October 2011.

Food Inflation

The food index rose 0.1 percent in July after a 0.2 percent increase in June and has risen 2.3 percent over the past 12 months. The food at home index was unchanged in July after a slight decline in May and a slight increase in June. Three of the six major grocery store food group indexes declined in July. The index for dairy and related products fell 0.5 percent, its eighth decrease in nine months. The index for nonalcoholic beverages also fell 0.5 percent, and the index for fruits an d vegetables fell 0.3 percent after rising in each of the three previous months. In contrast, the indexes for cereals and bakery products and for meats, poultry, fish, and eggs both increased 0.3 percent in July. The index for other food at home was unchanged. The food at home index has risen 1.9 percent over the last 12 months. The indexes for meats, poultry, fish, and eggs, for cereals and bakery products, and for other food at home have risen over that span while the indexes for fruits and vegetables, nonalcoholic beverages, and dairy and related products have declined. The index for food away from home rose 0.2 percent in July and has increased 2.9 percent over the past 12 months.

Energy Inflation

The energy index declined 0.3 percent in July after a 1.4 percent decline in June. The gasoline index increased in July, rising 0.3 percent after declining in each of the three previous months. (Before seasonal adjustment, gasoline prices decreased 2.7 percent in July.) The other major energy components declined in July. The electricity index fell 1.3 percent, the fuel oil index declined 0.5 percent, and the index for natural gas decreased 0.2 percent. The energy index has decreased 5.0 percent over the last 12 months with all major components showing declines over that span. The natural gas index has declined 12.7 percent, the fuel oil index 5.6 percent, the gasoline index 5.5 percent, and the electricity index 1.3 percent.

All items less food and energy

The index for all items less food and energy increased 0.1 percent in July. The index for shelter rose 0.1 percent, the same increase as in June. The rent index increased 0.3 percent and the index for owners’ equivalent rent rose 0.2 percent, but the index for lodging away from home fell 2.3 percent. The medical care index, which rose 0.6 percent in June, increased 0.4 percent in July, with the indexes for physicians’ services and hospital services also rising 0.4 percent. The tobacco index rose sharply in July, increasing 1.1 percent, and the index for household furnishings and operations repeated its June increase of 0.2 percent. The apparel index rose 0.2 percent, its fifth consecutive increase, and the personal care index also increased 0.2 percent. In contrast, the index for airline fares declined sharply for the second consecutive month, falling 2.7 percent. The index for used cars and trucks fell 0.5 percent and the indexes for new vehicles and for recreation both fell 0.1 percent.

The index for all items less food and energy has risen 2.1 percent over the last 12 months, a slight decrease from the 2.2 percent figure of June. The shelter index has also risen 2.1 percent over the last year. The medical care index has increased 4.1 percent over the last 12 months, the largest change since May 2008.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.4 percent over the last 12 months to an index level of 229.104 (1982-84=100). For the month, the index decreased 0.2 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.3 percent over the last 12 months to an index level of 225.568 (1982-84=100). For the month, the index decreased 0.2 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.3 percent over the last 12 months. For the month, the index decreased 0.2 percent on a not seasonally adjusted basis. Please note that the indexes for the post-2010 period are subject to revision.

The Consumer Price Index for August 2012 is scheduled to be released on Friday, September 14, 2012, at 8:30 a.m. (EDT).