URGENT: US CPI rises 0.2% in July

The US Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 per cent in July 2024, following a 0.1 per cent decline in June, the US Bureau of Labor Statistics reported on Wednesday. The index has risen 2.9 per cent over the past 12 months, the smallest annual increase since March 2021.

The rise was primarily driven by a 0.4 per cent increase in shelter costs, which accounted for nearly 90 per cent of the monthly gain. The energy index remained unchanged in July after two months of decline, while food prices also saw a 0.2 per cent increase, consistent with June. Notably, the index for food away from home rose 0.2 per cent.

Over the past year, the food index increased by 2.2 per cent, and energy prices rose by 1.1 per cent. The index for all items excluding food and energy rose 0.2 per cent in July and 3.2 per cent over the past 12 months, with significant annual increases in shelter of 5.1 per cent and motor vehicle insurance of 18.6 per cent.

Attribution: US Bureau of Labor Statistics CONSUMER PRICE INDEX – JULY 2024

Subediting: Y.Yasser