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BLS: CPI increased 0.5% in July, Core CPI increased 0.3%

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by Calculated Risk on 8/11/2021 08:32:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in
July on a seasonally adjusted basis after rising 0.9 percent in June, the U.S.
Bureau of Labor Statistics reported today. Over the last 12 months, the all items
index increased 5.4 percent before seasonal adjustment.

The indexes for shelter, food, energy, and new vehicles all increased in July and
contributed to the monthly all items seasonally adjusted increase. The food index
increased 0.7 percent in July as five of the major grocery store food group
indexes rose, and the food away from home index increased 0.8 percent. The energy
index rose 1.6 percent in July, as the gasoline index increased 2.4 percent and
other energy component indexes also rose.

The index for all items less food and energy rose 0.3 percent in July after
increasing 0.9 percent in June. Along with shelter and new vehicles, the indexes
for recreation, for medical care, and for personal care increased in July. The
index for used cars also increased in July, but the 0.2-percent advance was much
smaller than in recent months. The index for motor vehicle insurance declined in
July, and the index for airline fares fell slightly.

The all items index rose 5.4 percent for the 12 months ending July, the same
increase as the period ending June. The index for all items less food and energy
rose 4.3 percent over the last 12 months, while the energy index rose 23.8
percent. The food index increased 3.4 percent for the 12 months ending July,
compared to a 2.4-percent rise for the period ending June.

emphasis added

CPI was at expectations, and core CPI was slightly below expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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