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HomeBusinessAs Rents Keep Rising the CPI Report Inflation is Higher at 3.2%

As Rents Keep Rising the CPI Report Inflation is Higher at 3.2%

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Image by Foto-RaBe from Pixabay

According to today’s report from the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.2 percent on a seasonally adjusted basis in July, matching the growth seen in June.

Before seasonal adjustment, all items index rose 3.2% during the previous 12 months.

The Labor Department stated on Thursday morning that the consumer price index increased marginally in July, with the annual CPI inflation rate increasing somewhat less than anticipated. After the open, the S&P 500 gained strongly, but since mid-morning, gains have been muted.

The inflation data implies the Federal Reserve’s policy will remain unchanged.

The index for shelter, along with the index for auto insurance, was by far the biggest contribution to the monthly increase in all categories, accounting for over 90% of the increase. Following a 0.1 percent increase in June, the food index grew by 0.2 percent in July. While the index for food consumed away from home rose 0.2 percent in July, the index for food consumed at home increased by 0.3 percent. The energy index rose 0.1 percent in July as the major energy component indexes were mixed.

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As in June, the index for all products except food and energy increased 0.2 percent in July. Indicators for housing, auto insurance, education, and recreation all rose in June. Airline fares used vehicle and truck prices, healthcare, and communication indexes were among those that fell during the month.

In comparison to the 12-month period ending in June, the all-items index climbed by 3.0 percent, or just 0.1 percentage points, in the 12-month period ending in July. Over the previous 12 months, the all-items index that excludes food and energy increased by 4.7%. The food index rose 4.9 percent over the previous year, but the energy index declined 12.5 percent during the 12 months ending in July.

Real average hourly earnings for all employees increased 0.3 percent from June to July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.4 percent in average hourly earnings combined with an increase of 0.2 percent in the Consumer Price Index for All Urban Consumers (CPI-U).

Real average weekly earnings were unchanged over the month due to the change in real average hourly earnings combined with a 0.3-percent decrease in the average workweek.

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Real average hourly earnings increased 1.1 percent, seasonally adjusted, from July 2022 to July 2023.The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 0.2-percent increase in real average weekly earnings over this period.

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