CPI declined 0.1% in June but up 3% year over year

Washington, D.C., July 11, 2024--The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1% on a seasonally adjusted basis in June, after being unchanged in May, the U.S. Bureau of Labor Statistics reported in its latest release. 

Indexes which increased in June include shelter, motor vehicle insurance, household furnishings and operations, medical care and personal care. 

The index for food increased 0.2% in June, with the "food at home" index up 0.1%.

Meanwhile, the index for gasoline fell 3.8% in June, after declining 3.6% in May, more than offsetting the increase in the shelter index. The energy index fell 2% over the month, as it did the preceding month.

The "all items less food and energy" index rose 3.3% over the last 12 months--the smallest 12-month increase in that index since April 2021.

The "all items" index rose 3% for the 12 months ending in June, a smaller increase than the 3.3% increase for the 12 months ending in May.