Consumer Price Index Increases 0.5% in July, 5.4% Year-Over-Year

The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (8-11-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% in July on a seasonally adjusted basis after rising 0.9% in June. Over the past 12-months, the all-item index has increased 5.4% before seasonal adjustment. The food index increased 0.7% in July, and the food away from home index increased 0.8%. The energy index increased 1.6% in July, as the gasoline index increased 2.4% and other energy component indexes also rose. The index for all items less food and energy rose 0.3% in July after increasing 0.9% in June. Along with shelter and new vehicles, the indexes for recreation, for medical care, and for personal care increased in July. The index for used cars also increased in July, but the 0.2% advance was much smaller than in recent months. The all-items index rose 5.4% for the 12 months ending July, the same increase as the period ending June. The index for all items less food and energy rose 4.3% over the last 12 months, while the energy index rose 23.8%. The food index increased 3.4% for the 12 months ending July, compared to a 2.4% rise for the period ending June.