by Nick Dobbins
August 2022
The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis after rising 1.3 percent in June, the U.S. Bureau of Labor Statistics reported. The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indices, resulting in the all items index being unchanged over the month. The energy index fell 4.6 percent as the indices for gasoline and natural gas declined, but the index for electricity increased. The food index continued to rise, increasing 1.1 percent as the food at home index rose 1.3 percent. The index for all items less food and energy rose 0.3 percent in July, a smaller increase than in April, May, or June. The indices for shelter, medical care, motor vehicle insurance, household furnishings and operations, new vehicles, and recreation were among those that increased over the month. Some indices declined in July, including those for airline fares, used cars and trucks, communication, and apparel.
The all items index increased 8.5 percent for the 12 months ending July, a smaller figure than the 9.1 percent increase for the period ending June. The all items less food and energy index rose 5.9 percent over the last 12 months. The energy index increased 32.9 percent, a smaller increase than the 41.6 percent increase for the period ending June. The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979.
