by Calculated Risk on 7/13/2022 08:32:00 AM
seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal
adjustment.
The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest
contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the
all items increase, with the gasoline index rising 11.2 percent and the other major component
indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.
The index for all items less food and energy rose 0.7 percent in June, after increasing 0.6
percent in the preceding two months. While almost all major component indexes increased over the
month, the largest contributors were the indexes for shelter, used cars and trucks, medical care,
motor vehicle insurance, and new vehicles. The indexes for motor vehicle repair, apparel,
household furnishings and operations, and recreation also increased in June. Among the few major
component indexes to decline in June were lodging away from home and airline fares.
The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month
increase since the period ending November 1981. The all items less food and energy index rose 5.9
percent over the last 12 months. The energy index rose 41.6 percent over the last year, the
largest 12-month increase since the period ending April 1980. The food index increased 10.4
percent for the 12-months ending June, the largest 12-month increase since the period ending
February 1981.
emphasis added
The consensus was for 1.1% increase in CPI, and a 0.6% increase in core CPI. Both were above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.
