U.S. Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in July 2024, after declining 0.1 percent in June. Over the last 12 months, the all items index increased 2.9% before seasonal adjustment, the U.S. Bureau of Labor Statistics reported.
The index for shelter rose 0.4% in July, accounting for nearly 90% 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% in July, as it did in June. The food away from home index rose 0.2% over the month, and the food at home index increased 0.1%.
The index for all items less food and energy rose 0.2% in July, after rising 0.1% 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% 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% over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.1% for the 12 months ending July. The food index increased 2.2% over the last year.