US Consumer Price Index Rises 2.7% Year-Over-Year in June

On Tuesday, the US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3% in June on a seasonally adjusted basis, following increases of 0.1% in May and 0.2% in April. Over the past 12 months, the all-items index rose 2.7% before seasonal adjustment.

Shelter was the largest contributor to the monthly increase, rising 0.2% in June. The energy index rose 0.9%, driven by a 1.0% increase in gasoline prices. The food index increased 0.3%, with food at home up 0.3% and food away from home up 0.4%.

The index for all items excluding food and energy rose 0.2% in June, after a 0.1% gain in May. Categories that saw increases included household furnishings and operations, medical care, recreation, apparel, and personal care. Meanwhile, prices declined for used cars and trucks, new vehicles, and airline fares.

Year-over-year, the all-items index rose 2.7% in June, up from 2.4% in May. The index excluding food and energy increased 2.9%. The energy index declined 0.8% over the past 12 months, while the food index rose 3.0%.