Aug 11, 2021, 21:05 pm
Prices are on the rise again with July seeing a 0.5% increase according to the latest Consumer Price Index report from the Labor Department released on Wednesday.
The increase comes after a 0.9% spike in June and 5.4% growth over the last 12 months.
Consumer prices were up for shelter, food, energy, and new vehicles for the month.
The food index was up 0.7% as five of the major grocery store food indexes rose and food away from home increased 0.8%.
The food index was up 3.4% over 12 months ending in July, with price increases continuing for meats, poultry, fish, and eggs up 1.5%. Cereals and bakery product prices were up 1.2%, nonalcoholic beverages prices jumped 0.7%, and daily and related products rose 0.6%.
The prices of fruits and vegetables were the only major grocery store food group to fall in July, down 0.9% after rising 0.7% in June.
Consumer energy costs were also up as gasoline prices increased 2.4% for July. Natural gas was also up 1.7% in both May and June. Consumer electricity costs also increased 0.4% for the month after dropping 0.3% in June.
Recreation, medical care, and personal care prices advanced in July, but by a smaller percentage, seeing only a 0.2% growth for the month, which was less than in recent months.
July inflation dips also occurred for motor vehicle insurance as prices dropped 2.8% while airline fares fell slightly at 0.1%.
However, the all items index jumped 5.4% for the 12 months ending in July -- the same increase seen for the period ending in June. The index for all items less food and energy increased 4.3% over the last 12 months, while the energy index rose a significant 23.8%.
https://www.ibtimes.com/consumers-contin...re-3271431
The increase comes after a 0.9% spike in June and 5.4% growth over the last 12 months.
Consumer prices were up for shelter, food, energy, and new vehicles for the month.
The food index was up 0.7% as five of the major grocery store food indexes rose and food away from home increased 0.8%.
The food index was up 3.4% over 12 months ending in July, with price increases continuing for meats, poultry, fish, and eggs up 1.5%. Cereals and bakery product prices were up 1.2%, nonalcoholic beverages prices jumped 0.7%, and daily and related products rose 0.6%.
The prices of fruits and vegetables were the only major grocery store food group to fall in July, down 0.9% after rising 0.7% in June.
Consumer energy costs were also up as gasoline prices increased 2.4% for July. Natural gas was also up 1.7% in both May and June. Consumer electricity costs also increased 0.4% for the month after dropping 0.3% in June.
Recreation, medical care, and personal care prices advanced in July, but by a smaller percentage, seeing only a 0.2% growth for the month, which was less than in recent months.
July inflation dips also occurred for motor vehicle insurance as prices dropped 2.8% while airline fares fell slightly at 0.1%.
However, the all items index jumped 5.4% for the 12 months ending in July -- the same increase seen for the period ending in June. The index for all items less food and energy increased 4.3% over the last 12 months, while the energy index rose a significant 23.8%.
https://www.ibtimes.com/consumers-contin...re-3271431