Consumer Prices Rose 0.6% in July
Washington, DC, August 12, 2020-The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported.
Over the last 12 months, the all items index increased 1.0% before seasonal adjustment.
The gasoline index continued to rise in July after increasing sharply in June and accounted for about one quarter of the monthly increase in the seasonally adjusted all items index. The energy index increased 2.5% in July as the gasoline index rose 5.6%. This was partially offset by the food index, which decreased 0.4% in July, with the index for food at home declining 1.1%.
The index for all items less food and energy rose 0.6% in July, its largest increase since January 1991. The index for motor vehicle insurance increased sharply in July, as it did the previous month. The indexes for shelter, communication, used cars and trucks, and medical care also increased in July, while the index for recreation declined.
The all items index increased 1.0% for the 12 months ending July, a larger increase than the 0.6% rise for the period ending June. The index for all items less food and energy increased 1.6% over the last 12 months. The food index increased 4.1% over the last 12 months, with the index for food at home rising 4.6%. Despite increasing in July, the energy index fell 11.2% over the last 12 months.