Consumer Price Index Declined in June – Year-Over-Year All-Item Index up 3.0%

The U.S. Bureau of Labor Statistics on Thursday (7-11-24), reported that the Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1% on a seasonally adjusted basis, after being unchanged in May and following a 0.3% increase in April, 0.4% increases in March and February, and a 0.3% rise in January. Over the past 12 months, (Jun. 23 – Jun. 24) the all-items index has increased 3.0% before seasonal adjustment.

According to the BLS the index for gasoline fell 3.8% in June, after declining 3.6% in May, more than offsetting an increase in shelter. The energy index fell 2.0% over the month, as it did the preceding month. The index for food increased 0.2% in June. The food away from home index rose 0.4% over the month, while the food at home index increased 0.1%.

The index for all items less food and energy rose 0.1% in June, after rising 0.2% in May.  Indexes which increased in June include shelter, motor vehicle insurance, household furnishings and operations, medical care, and personal care. That was offset by the indexes for airline fares, used cars and trucks, and communication, that were among those that decreased over the month.

The all-items index rose 3.0% for the 12 months ending June, a smaller increase than the 3.3% increase for the 12 months ending May. The all items less food and energy index rose 3.3% over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.0% for the 12 months ending June. The food index increased 2.2% year-over-year.