By Nick Dobbins
July 2020
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported today. The gasoline index continued to rise after increasing sharply in June and accounted for about one quarter of the monthly increase in the seasonally adjusted all items index. The energy index increased 2.5% as the gasoline index rose 5.6%. This was partially offset by the food index, which decreased 0.4%, with the index for food at home declining 1.1%. The index for all items less food and energy rose 0.6% in July, its largest increase since January 1991. The index for motor vehicle insurance increased sharply, as it did the previous month. The indices for shelter, communication, used cars and trucks, and medical care also increased, while the index for recreation declined.
The all items index increased 1.0% for the 12 months ending July, a larger increase than the 0.6-percent rise for the period ending June. The index for all items less food and energy increased 1.6% over the last 12 months. The food index increased 4.1% over the last 12 months, with the index for food at home rising 4.6%. Despite increasing in July, the energy index fell 11.2% over the last 12 months.
