INFLATION DECLINED FOR FIRST TIME SINCE MAY 2020, CORE PRICES STILL RISING

Key Points:

  • The Consumer Price Index (CPI) fell 0.1% in June, after no change in May.
  • CPI increased 3.0% from a year ago, down from 3.3% in May and consensus of 3.1%.
  • CPI has remained above 3% for 39 consecutive months dating back to April 2021.
  • The index for shelter rose 0.2% and the energy index fell 2.0% over the month.
  • The index for gasoline fell 3.8% in June, after declining 3.6% in May, more than offsetting an increase in shelter.
  • The index for food at home rose 0.1% over the month while the index for food away from home rose 0.4%.
  • The core CPI, which excludes food and energy, rose 0.1% in June and is up 3.3% from the previous year.
  • The energy index is up 1.0%, the food index is up 2.2%, and shelter is up 5.2% from the previous year.
  • The Right Facts will continue to monitor CPI.
Source