The Consumer Price Index for All Urban Consumers (CPI-U) rose a seasonally adjusted 0.2% in July after rising 0.1% in June. The U.S. Bureau of Labor Statistics report matched 3 of the 4 consensus forecasts, while one beat the forecast.
Over the last 12 months, the all items index has climbed 2.9% before seasonal adjustment. The index for shelter, which rose 0.3% in July, accounted for nearly 60% of the seasonally adjusted monthly increase in the all items index.
The food index rose slightly in July, though the major grocery store food group indexes was mixed. The energy index fell 0.5%, with all the major component indexes declined.
The index for all items less food and energy — the so-called core CPI — rose 0.2% in July, the same increase as in May and June. For the core, the shelter index, the indexes for used cars and trucks, airline fares, new vehicles, household furnishings and operations, and recreation all increased.
The indexes for medical care and for apparel both declined in July.
The all items index rose 2.9% for the 12 months ending July, the same rate of increase from the period ending June. The index for all items less food and energy rose 2.4% for the 12 months ending July; this was the largest 12-month increase since the period ending September 2008.
The food index increased 1.4% over the last 12 months, and the energy index rose 12.1%.