Consumer Price Index Increases 1.3% Month-Over-Month and 9.1% Year-Over-Year in June 2022

The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (7-13-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3% in June, on a seasonally adjusted basis. This follows increases of 1.0% in May, 0.3% in April, 1.2% in March, 0.8% in February, and 0.5% in January. Over the past 12 months, the all-item index has increased 9.1% before seasonal adjustment.

The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5% over the month and contributed nearly half of the all-items increase, with the gasoline index rising 11.2% and the other major component indexes also rising. The food index rose 1.0% in June, as did the food at home index.

The all-items index increased 9.1% for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The all-items less food and energy index rose 5.9% over the last 12 months. The energy index rose 41.6% over the last year, the largest 12-month increase since the period ending April 1980. The food index increased 10.4% for the 12-months ending June, the largest 12-month increase since the period ending February 1981.