Consumer Price Index Unchanged Month-Over-Month and Up 8.5% Year-Over-Year in July 2022

The US Bureau of Labor Statistics (BLS) reported on Wednesday (8-10-22) that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July, on a seasonally adjusted basis. This follows a 1.3% rise in June, which followed a 1.0% increase in May, a 0.3% increase in April, a 1.2% increase in March, a 0.8% increase in February, and a 0.5% in January.

Over the past 12 months, the all-item index has increased 8.5% before seasonal adjustment.

The gasoline index fell 7.7% in July, and that offset increases in the food and shelter indexes, resulting in the all-items index being unchanged over the month. The energy index fell 4.6% over the month as the indexes for gasoline and natural gas declined, but the index for electricity increased. The food index continued to rise, increasing 1.1% over the month, as the food at home index rose 1.3%.

The index for all items less food and energy rose 0.3% in July, a smaller increase than in April, May, or June. The indexes for shelter, medical care, motor vehicle insurance, household furnishings and operations, new vehicles, and recreation were among those that increased over the month. There were some indexes that declined in July, including those for airline fares, used cars and trucks, communication, and apparel.

The all-items index increased 8.5% for the 12 months ending July, a smaller figure than the 9.1% increase for the period ending June. The all-items less food and energy index rose 5.9% over the last 12 months. The energy index increased 32.9% for the 12 months ending July, a smaller increase than the 41.6% increase for the period ending June. The food index increased 10.9% over the last year, the largest 12-month increase since the period ending May 1979.