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Consumer Price Index Rose 0.2 Percent in July, Still Above Fed Target

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the staff of the Ridgewood blog

Ridgewood NJ, , the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported today.
Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.

The latest batch of data shows that while inflation has come well off its 40-year highs of mid-2022, it is still considerably above where the Federal Reserve would like to see it.

The index for shelter was by far the largest contributor to the monthly all items increase, accounting for over 90 percent of the increase, with the index for motor vehicle insurance also
contributing. The food index increased 0.2 percent in July after increasing 0.1 percent the previous month. The index for food at home increased 0.3 percent over the month while the index for food away
from home rose 0.2 percent in July. The energy index rose 0.1 percent in July as the major energy component indexes were mixed.

The index for all items less food and energy rose 0.2 percent in July, as it did in June. Indexes which increased in June include shelter, motor vehicle insurance, education, and recreation. The
indexes for airline fares, used cars and trucks, medical care, and communication were among those that decreased over the month.

The all items index increased 3.2 percent for the 12 months ending July, slightly more than the 3.0-percent increase for the 12 months ending in June. The all items less food and energy index rose
4.7 percent over the last 12 months. The energy index decreased 12.5 percent for the 12 months ending July, and the food index increased 4.9 percent over the last year.

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