Consumer Price Index Increases 0.2% in July; All-Item Index Up 3.2% Year-Over-Year

The US Bureau of Labor Statistics on Thursday (8-10-23) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July on a seasonally adjusted basis, after increasing 0.2% in June, 0.1% in May, and 0.4% in April. Over the past 12 months, the all-item index has increased 3.2% before seasonal adjustment.

According to the BLS, the index for shelter was once again the largest contributor to the monthly all items increase, accounting for more than 90% of the increase. The index for motor vehicle insurance was also a contributing factor. The food index increased 0.2% in July, after increasing 0.1% in June and 0.2% in May. The index for food at home increased 0.3% over the month, while the index for food away from home rose 0.2%. The energy index increased 0.1% as the major energy component indexes were mixed.

The index for all items less food and energy edged 0.2% higher in July, the same as June. The shelter index increased 0.4%, also the same increase as June. The index for rent increased 0.4%, and the index for owners’ equivalent rent increased 0.5% over the month. The index for lodging away from home declined 0.3%, following a 2.0% drop in June.

The all-items index increased 3.2% for the 12 months ending in July, slightly more than the 3.0% increase for the 12 months ending in June. The all items less food and energy index rose 4.7% over the last 12 months. The energy index decreased 12.5% for the 12 months ending in July, while the food index increased 4.9% year-over-year.