US Consumer Price Index Rises 3.5% Year-Over-Year in June

On Tuesday, the US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers fell 0.4% in June on a seasonally adjusted basis, following a 0.5% increase in May. The decline marks the largest one-month decrease since April 2020.

Over the past 12 months, the all-items index increased 3.5% before seasonal adjustment.

Energy fell 5.7% in June and was the largest contributor to the monthly decrease, more than offsetting increases in shelter and food. The food index rose 0.2%, with food at home and food away from home also increasing 0.2%.

The index for all items less food and energy was unchanged. Motor vehicle insurance, communication, apparel, medical care, and used cars and trucks declined, while recreation, household furnishings and operations, and personal care increased.

Year-over-year, the all-items index rose 3.5% in June, down from a 4.2% increase in May. The index for all items less food and energy rose 2.6%, while energy increased 15.7% and food rose 3.0%.