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July 13, 2022US CONSUMER PRICE INDEX, JUNE 2022 The United States Consumer Price Index for All Urban Consumers increased 9.1% year-over-year in June. This was above the 8.6% increase reported in May 2022. The increase was broad-based with the largest contributions from gasoline, shelter, and food. US inflation was previously higher in November 1981.
The seasonally adjusted monthly increase was 1.3%, accelerating from the 1.0% rise last month. The food index was up 1.0%, the nineteenth consecutive monthly increase. The energy index rose 7.5% and was responsible for nearly half of the all-item increase this month. Gasoline and other major energy indexes were up. The index for all items less food and energy was up 0.7% in June after increasing 0.6% in May. Most of the major components were up with the largest contributors in shelter, used cars and trucks, medical care, motor vehicle insurance and new vehicles. A few declines were in lodging away from home and airline fares.
The 12-month change in the CPI - all items less food and energy decelerated 0.1 percentage points to a 5.9% increase in June 2022. Over the past 12 months, the energy index is up 41.6% with gasoline up 59.9%. The food index increased 10.4% compared to June 2021, the largest 12-month increase since February 1981.
Note:
Canada and Nova Scotia May 2022 CPI figures will be released on July 20, 2022.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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