Consumer Price Index Increased 0.9% in June, 5.4% Year-Over-Year

The U.S. Bureau of Labor Statistics (BLS) is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9% in June on a seasonally adjusted basis after rising 0.6% in May. This is largest 1-month change since June 2008 when the index rose 1.0%. Over the past 12-months, the all-item index has increased 5.4% before seasonal adjustment. This is the largest 12-month increase since a 5.4% increase for the period ending August 2008.

The food index increased 0.8% in June, a larger increase than the 0.4% increase reported for May. The energy index increased 1.5% in June, with the gasoline index rising 2.5% over the month. The largest increase, 10.5% in the index for used cars and trucks and it accounted for more than one-third of the all items increase. The index for all items less food and energy rose 4.5% over the last 12-months, the largest 12-month increase since the period ending November 1991. The energy index rose 24.5% over the last 12-months, and the food index increased 2.4%.