July 2024 Consumer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, after declining 0.1 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.9 percent before seasonal adjustment.

The index for shelter rose 0.4 percent in July, accounting for nearly 90 percent of the monthly increase in the all items index. The energy index was unchanged over the month, after declining in the two preceding months. The index for food increased 0.2 percent in July, as it did in June. The food away from home index rose 0.2 percent over the month, and the food at home index increased 0.1 percent.

The index for all items less food and energy rose 0.2 percent in July, after rising 0.1 percent the preceding month. Indexes which increased in July include shelter, motor vehicle insurance, household furnishings and operations, education, recreation, and personal care. The indexes for used cars and trucks, medical care, airline fares, and apparel were among those that decreased over the month.

The all items index rose 2.9 percent for the 12 months ending July, the smallest 12-month increase since March 2021. The all items less food and energy index rose 3.2 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.1 percent for the 12 months ending July. The food index increased 2.2 percent over the last year.

Food

The food index increased 0.2 percent in July, as it did in June. The index for food at home rose 0.1 percent in July. Three of the six major grocery store food group indexes increased over the month while the other three indexes declined in July. The index for meats, poultry, fish, and eggs rose 0.7 percent in July as the index for eggs increased 5.5 percent. The fruits and vegetables index rose 0.8 percent over the month and the nonalcoholic beverages index increased 0.5 percent.

The index for other food at home fell 0.5 percent in July, after rising 0.5 percent June. The cereals and bakery products index also decreased 0.5 percent over the month and the dairy and related products index declined 0.2 percent.

The food away from home index rose 0.2 percent in July, after rising 0.4 percent in each of the preceding two months. The index for limited service meals rose 0.3 percent and the index for full service meals increased 0.1 percent over the month.

The index for food at home rose 1.1 percent over the last 12 months. The meats, poultry, fish, and eggs index rose 3.0 percent over the last 12 months and the nonalcoholic beverages index increased 1.9 percent. Over the same period, the index for other food at home rose 0.9 percent. The index for cereals and bakery products was unchanged over the last 12 months. In comparison, the fruits and vegetables index fell 0.2 percent over the year as did the dairy and related products index.

The index for food away from home rose 4.1 percent over the last year. The index for limited service meals increased 4.3 percent over the last 12 months and the index for full service meals rose 3.8 percent over the same period.

Energy

The energy index was unchanged in July, after decreasing 2.0 percent in June. The gasoline index was also unchanged over the month. (Before seasonal adjustment, gasoline prices rose 0.8 percent in July.) The electricity index increased 0.1 percent over the month and the fuel oil index increased 0.9 percent. The index for natural gas fell 0.7 percent in July.

The energy index increased 1.1 percent over the past 12 months. The index for electricity increased 4.9 percent over the last 12 months and the index for natural gas rose 1.5 percent. The gasoline index fell 2.2 percent over this 12-month span. The index for fuel oil fell 0.3 percent over the same period.

All items less food and energy

The index for all items less food and energy rose 0.2 percent in July, after rising 0.1 percent in June. The shelter index increased 0.4 percent in July. The index for rent rose 0.5 percent over the month and the index for owners' equivalent rent increased 0.4 percent. The lodging away from home index rose 0.2 percent in July, after falling 2.0 percent in June.

The medical care index fell 0.2 percent in July, after rising 0.2 percent in June. The index for hospital services fell 1.1 percent in July. The physicians' services index and the prescription drugs index both increased 0.1 percent in July.

The motor vehicle insurance index rose 1.2 percent in July, following a 0.9-percent increase in June. The index for household furnishings and operations increased 0.3 percent over the month. The indexes for education, recreation, and personal care also increased in July.

The index for used cars and trucks fell 2.3 percent in July, following a 1.5-percent decrease in June. Over the month, the airline fares index fell 1.6 percent, the apparel index decreased 0.4 percent, and the new vehicles index declined 0.2 percent.

The index for all items less food and energy rose 3.2 percent over the past 12 months. The shelter index increased 5.1 percent over the last year, accounting for over 70 percent of the total 12-month increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+18.6 percent), medical care (+3.2 percent), personal care (+3.4 percent), and recreation (+1.4 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.9 percent over the last 12 months to an index level of 314.540 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 2.9 percent over the last 12 months to an index level of 308.501 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 2.7 percent over the last 12 months. For the month, the index increased 0.1 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.