by Nick Dobbins
July 2022
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported. The increase was broad-based, with the indices for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indices also rising. The food index rose 1.0 percent in June, as did the food at home index. The index for all items less food and energy rose 0.7 percent in June, after increasing 0.6 percent in the preceding two months. While almost all major component indices increased over the month, the largest contributors were the indices for shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles. The indices for motor vehicle repair, apparel, household furnishings and operations, and recreation also increased in June. Among the few major component indices to decline in June were lodging away from home and airline fares.
The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The all items less food and energy index rose 5.9 percent over the last 12 months. The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980. The food index increased 10.4 percent for the 12-months ending June, the largest 12-month increase since the period ending February 1981.
