The Consumer Price Index for All Urban Consumers (CPI-U) edged up 0.6% in June on a seasonally adjusted basis, reported the US Bureau of Labor Statistics. Previously, it had dropped by 0.1% in May.
Over the past year, before seasonal adjustment the all items index has risen 0.6%.
(Source: US Bureau of Labor Statistics)
Energy Index
The price of gasoline soared 12.3% in June, which “accounted for over half of the monthly increase in the seasonally adjusted all items index,” stated the bureau. The increase in the gasoline index contributed to the 5.1% rise in the energy index in June. Conversely, the index for electricity dropped 0.3% for the month.
Over the last 12-month period, the index for energy has declined by 12.6%. Gasoline prices have plummeted 23.4%, and likewise, the index for fuel oil plunged 29.9% over the past year.
(Source: U.S. Bureau of Labor Statistics)
Food Index
In June, the index for food 0.6%. The bureau reported that for the month of June, five of the six grocery store food group indexes saw price rises – specifically, meat, poultry, fish, and eggs all edged up by 2%. The index for food away from home also increased by 0.5%.
Overall, the food at home index rose 5.6% over a 12-month period, marking the largest year-over-year percentage increase in the index since December 2011, stated the bureau. All six of the grocery store food group indexes increased over this period, with the price of beef specifically, soaring 25.1% since this time last year.
(Source: U.S. Bureau of Labor Statistics)
All Items Less Food and Energy Index
The all items less food and energy index rose 0.2% in June. The price of motor vehicle insurance rose by 5.1%. The index for shelter also increased by 0.1%, as did the index for medical care by 0.4%.
Over the last 12 months, all items less food and energy index increased by 1.2%. The shelter index edged up by 2.4%, as did the rent index by 3.2%. Additionally, the index for medical care also rose over the past 12 months by 5.1%.
The US Bureau of Labor Statistics released a statement pertaining to the COVID-19 pandemic:
“Data collection by personal visit for the Consumer Price Index (CPI) program has been suspended since March 16, 2020. When possible, data normally collected by personal visit were collected either online or by phone. Additionally, data collection in June was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month.”
Source cited: https://www.bls.gov/news.release/archives/cpi_07142020.htm
Sarah has been writing on the topics of politics, history and finance for over a decade. She is currently an editor at CPI Inflation Calculator, covering the topics of CPI, inflation, US economy and economic commentary.
