The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index Summary July 11, 2024:
CONSUMER PRICE INDEX – JUNE 2024
The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent on a seasonally adjusted basis, after being unchanged in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.
The index for gasoline fell 3.8 percent in June, after declining 3.6 percent in May, more than offsetting an increase in shelter. The energy index fell 2.0 percent over the month, as it did the preceding month. The index for food increased 0.2 percent in June. The food away from home index rose 0.4 percent over the month, while the food at home index increased 0.1 percent.
The index for all items less food and energy rose 0.1 percent in June, after rising 0.2 percent the preceding month. Indexes which increased in June include shelter, motor vehicle insurance, household furnishings and operations, medical care, and personal care. The indexes for airline fares, used cars and trucks, and communication were among those that decreased over the month.
The all items index rose 3.0 percent for the 12 months ending June, a smaller increase than the 3.3-percent increase for the 12 months ending May. The all items less food and energy index rose 3.3 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.0 percent for the 12 months ending June. The food index increased 2.2 percent over the last year.
Food
The food index rose 0.2 percent in June after increasing 0.1 percent in May. The index for food at home rose 0.1 percent in June. Four of the six major grocery store food group indexes increased over the month. The index for other food at home rose 0.5 percent in June as the index for butter and margarine increased 2.4 percent. The dairy and related products index rose 0.6 percent over the month and the meats, poultry, fish, and eggs index increased 0.2 percent. The index for nonalcoholic beverages rose 0.1 percent in June.
The index for fruits and vegetables fell 0.5 percent in June, after being unchanged in May. The cereals and bakery products index decreased 0.1 percent over the month.
The food away from home index rose 0.4 percent in June, as it did in May. The index for full service meals rose 0.6 percent and the index for limited service meals increased 0.2 percent over the month.
The food at home index rose 1.1 percent over the last 12 months. The index for meats, poultry, fish, and eggs rose 2.6 percent over the last 12 months and the index for other food at home increased 1.6 percent. Over the same period, the nonalcoholic beverages index rose 1.5 percent and the cereals and bakery products index increased 0.5 percent. In comparison, the fruits and vegetables index fell 0.5 percent over the year and the dairy and related products index declined 0.1 percent.
The index for food away from home rose 4.1 percent over the last year. The index for limited service meals rose 4.3 percent over the last 12 months and the index for full service meals rose 3.9 percent over the same period.
Fresh Produce
The fresh fruits and vegetables index dropped 0.5 percent over the past 12 months and dropped 1.5 percent from May to June. Fresh fruit dropped 1.7 percent over the last year, while fresh vegetables dropped 0.3 percent over the last year.
