The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index Summary August 14, 2024:
CONSUMER PRICE INDEX – JULY 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, after declining 0.1 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.9 percent before seasonal adjustment.
The index for shelter rose 0.4 percent in July, accounting for nearly 90 percent of the monthly increase in the all items index. The energy index was unchanged over the month, after declining in the two preceding months. The index for food increased 0.2 percent in July, as it did in June. The food away from home index rose 0.2 percent over the month, and the food at home index increased 0.1 percent.
The index for all items less food and energy rose 0.2 percent in July, after rising 0.1 percent the preceding month. Indexes which increased in July include shelter, motor vehicle insurance, household furnishings and operations, education, recreation, and personal care. The indexes for used cars and trucks, medical care, airline fares, and apparel were among those that decreased over the month.
The all items index rose 2.9 percent for the 12 months ending July, the smallest 12-month increase since March 2021. The all items less food and energy index rose 3.2 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.1 percent for the 12 months ending July. The food index increased 2.2 percent over the last year.
Food
The food index increased 0.2 percent in July, as it did in June. The index for food at home rose 0.1 percent in July. Three of the six major grocery store food group indexes increased over the month while the other three indexes declined in July. The index for meats, poultry, fish, and eggs rose 0.7 percent in July as the index for eggs increased 5.5 percent. The fruits and vegetables index rose 0.8 percent over the month and the nonalcoholic beverages index increased 0.5 percent.
The index for other food at home fell 0.5 percent in July, after rising 0.5 percent June. The cereals and bakery products index also decreased 0.5 percent over the month and the dairy and related products index declined 0.2 percent.
The food away from home index rose 0.2 percent in July, after rising 0.4 percent in each of the preceding two months. The index for limited service meals rose 0.3 percent and the index for full service meals increased 0.1 percent over the month.
The index for food away from home rose 4.1 percent over the last year. The index for limited service meals increased 4.3 percent over the last 12 months and the index for full service meals rose 3.8 percent over the same period.
Fruits and vegetables
The fruit and vegetable index rose 0.8 percent from June to July 2024. However, from July 2023 to July 2024, it dropped 0.2 percent. Fresh fruits rose 1.1 percent from June to July 2024, but dropped 1.2 percent from July 2023 to 2024. Fresh vegetables rose 0.9 percent in the month and 0.4 percent year over year.
Contact Information
For additional information about the CPI visit www.bls.gov/cpi or contact the CPI Information and Analysis Section at 202-691-7000 or cpi_info@bls.gov.
For additional information on seasonal adjustment in the CPI visit www.bls.gov/cpi/seasonal-adjustment/home.htm
