July 2014 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in July on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.0 percent before seasonal adjustment.

The all items index posted its smallest seasonally adjusted increase since February; the indexes for shelter and food rose, but were partially offset by declines in the energy index and the index for airline fares. The food index rose 0.4 percent in July, with the food at home index also rising 0.4 percent after being unchanged in June. The decrease in the energy index was its first since March and featured declines in the indexes of all the major energy components.

The index for all items less food and energy increased 0.1 percent in July, the same increase as in June. Along with the shelter index, the indexes for medical care, new vehicles, personal care, and apparel all increased in July. Along with the index for airline fares, the indexes for recreation, for used cars and trucks, for household furnishings and operations, and for tobacco all declined in July.

The all items index increased 2.0 percent over the last 12 months, a slight decline from the 2.1 percent figure for the 12 months ending June. The index for all items less food and energy rose 1.9 percent over the last 12 months, the same figure as for the 12 months ending June. The energy index has increased 2.6 percent, and the food index has risen 2.5 percent over the span.

Seasonally adjusted changes from preceding month Un- adjusted 12-mos. Jan. Feb. Mar. Apr. May June July ended 2014 2014 2014 2014 2014 2014 2014 July 2014

Consumer Price Index Data for July 2014

Food

The food index rose 0.4 percent in July, its fifth increase at least that large in the last 6 months. The food at home index also rose 0.4 percent in July, with no declines among the six major grocery store food groups. The largest increase was posted by the other food at home index, which rose 0.7 percent, its largest increase since August 2011. The index for nonalcoholic beverages rose 0.5 percent in July, and the cereals and bakery products index increased 0.4 percent. The index for meats, poultry, fish, and eggs rose 0.3 percent, as did the dairy and related products index. The only major grocery store food group index not to rise in July was fruits and vegetables, which was unchanged. The index for fresh fruits rose 1.0 percent, but the fresh vegetables index fell 1.1 percent. The food at home index has risen 2.7 percent over the last 12 months. The index for meats, poultry, fish, and eggs has increased 7.6 percent over the span and the index for dairy and related products has risen 4.3 percent. The index for food away from home rose 0.3 percent in July after increasing 0.2 percent in each of the 2 previous months. It has risen 2.4 percent over the last 12 months.

Energy

The energy index, which had risen in each of the last 3 months, fell 0.3 percent in July as all of its components posted modest declines. The gasoline index fell after a series of increases, declining 0.3 percent. (Before seasonal adjustment, gasoline prices decreased 1.5 percent.) The electricity index also fell 0.3 percent in July; it has now risen three times and fallen three times over the last 6 months. The fuel oil index fell 0.7 percent in July; this was its smallest decline in the last 5 months. The index for natural gas fell 0.4 percent, its third decline in a row. Despite the July declines, all the major energy component indexes have increased over the past 12 months. The index for natural gas has risen 6.9 percent and the electricity index has advanced 4.0 percent. The fuel oil index has risen 2.2 percent, and the gasoline index has increased 0.8 percent.

All items less food and energy

The index for all items less food and energy increased 0.1 percent in July, the same increase as in June. The shelter index, which rose 0.2 percent in June, advanced 0.3 percent in July. The indexes for rent and owners’ equivalent rent both increased 0.3 percent, while the lodging away from home index rose 0.2 percent. The medical care index rose 0.2 percent in July. The index for medical care commodities rose 0.3 percent, with the index for prescription drugs increasing 0.5 percent. The index for medical care services increased 0.1 percent, with the hospital services index rising 0.4 percent but the index for physicians’ services declining 0.2 percent. The index for new vehicles, which fell 0.3 percent in June, rose 0.3 percent in July. The index for personal care also rose 0.3 percent, and the apparel index advanced 0.2 percent. In contrast to these increases, the index for airline fares fell sharply in July, declining 5.9 percent after rising 10.9 percent over the previous 5 months. The index for used cars and trucks fell 0.3 percent, its third consecutive decline. The tobacco index, which rose 1.0 percent in June, also declined 0.3 percent in July, while the indexes for recreation and for household furnishings and operations both declined 0.1 percent.

The index for all items less food and energy has risen 1.9 percent over the last 12 months. The shelter index has risen 2.9 percent over this span, and the medical care index has increased 2.6 percent. Indexes that rose more slowly over the last 12 months include the apparel index (0.3 percent) and the indexes for new vehicles and for used cars and trucks (both 0.2 percent). The indexes for airline fares and for household furnishings and operations both declined over the past year.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.0 percent over the last 12 months to an index level of 238.250 (1982-84=100). For the month, the index was unchanged prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.9 percent over the last 12 months to an index level of 234.525 (1982-84=100). For the month, the index fell 0.1 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.9 percent over the last 12 months. For the month, the index fell 0.1 percent on a not seasonally adjusted basis. Please note that the indexes for the post-2012 period are subject to revision.

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