Key Points:

  • The Consumer Price Index (CPI) was unchanged in July from June and is up 8.5% in the last year.
  • Inflation was flat from June due to the falling costs of gasoline and the rising costs of food and electricity.
  • The overall food index rose 10.9%, food at home rose 13.1%, and food away from home rose 7.6% over the past 12 months.
  • The food index increase of 10.9% is the highest reading since May 1979.
  • The largest increase in food was for cereals and bakery products, which increased 15.0%.
  • The index for food away from home rose 7.6%, full service meals rose 8.9%, and limited service meals rose 7.2% over the last 12 months.
  • The energy index rose 32.9% over the past 12 months as all the major energy component indexes increased.
  • The gasoline index rose 44.0%, electricity increased 15.2%, and natural gas rose 30.5% over the last 12 months.
  • The index for all items less food and energy rose 5.9% over the past 12 months.
  • The index for airline fare rose 27.7%, used cars and trucks increased 6.6%, new vehicles increased by 10.4%, tobacco and smoking products increased by 7.7%, and apparel increased by 5.1%.
  • The Right Facts will continue to monitor inflation.