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BLS: CPI increased 0.9% in June, Core CPI increased 0.9%

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by Calculated Risk on 7/13/2021 08:31:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent
in June on a seasonally adjusted basis after rising 0.6 percent in May, the U.S.
Bureau of Labor Statistics reported today. This was the largest 1-month change
since June 2008 when the index rose 1.0 percent. Over the last 12 months, the
all items index increased 5.4 percent before seasonal adjustment; this was the
largest 12-month increase since a 5.4-percent increase for the period ending
August 2008.

The index for used cars and trucks continued to rise sharply, increasing 10.5
percent in June. This increase accounted for more than one-third of the
seasonally adjusted all items increase. The food index increased 0.8 percent in
June, a larger increase than the 0.4-percent increase reported for May. The
energy index increased 1.5 percent in June, with the gasoline index rising 2.5
percent over the month.

The index for all items less food and energy rose 0.9 percent in June after
increasing 0.7 percent in May. Many of the same indexes continued to increase,
including used cars and trucks, new vehicles, airline fares, and apparel. The
index for medical care and the index for household furnishings and operations
were among the few major component indexes which decreased in June.

The all items index rose 5.4 percent for the 12 months ending June; it has been
trending up every month since January, when the 12-month change was 1.4 percent.
The index for all items less food and energy rose 4.5 percent over the last
12-months, the largest 12-month increase since the period ending November 1991.
The energy index rose 24.5 percent over the last 12-months, and the food index
increased 2.4 percent.

emphasis added

CPI and core CPI were well above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

Tuesday: CPI

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