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CPI shows gasoline and rent prices on the rise

Consumer Price Index shows inflation is up for July, including housing costs.

BY HBSDealer Staff

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in July on a seasonally adjusted basis after rising 0.1% in June, the U.S. Bureau of Labor Statistics reported.

Over the last 12 months, the all items index increased 1.8% before seasonal adjustment.

Increases in the indexes for gasoline and shelter were the major factors in the seasonally adjusted all items monthly increase.

The energy index rose in July as the gasoline and electricity indexes increased, though the natural gas index declined. The index for food was unchanged for the second month in a row, as a decline in the food at home index was offset by an increase in the food away from home index.

The all items index increased 1.8% for the 12 months ending July, a larger increase than the 1.6% percent rise for the period ending June. The index for all items less food and energy rose 2.2% over the last 12 months, slightly more than the 2.1% increase for the period ending June.

The energy index increased 1.3% in July after falling 2.3% in June. The gasoline index rose 2.5% in July following a 3.6% decline in June. (Before seasonal adjustment, gasoline prices rose 0.8% in July.) The index for electricity also increased in July, rising 0.6% after falling in May and June. The index for natural gas decreased in July, falling 1.8%, its seventh consecutive decline

The shelter index rose 0.3% in July, the same increase as in June. The index for rent increased 0.3% in July and the index for owners’ equivalent rent advanced 0.2%.

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