URGENT: US June CPI-U falls slightly

The US Consumer Price Index for All Urban Consumers (CPI-U) experienced a slight decline of 0.1 per cent in June, following a stagnant performance in May.

Annually, the all-items index has seen a 3.0 per cent increase, reflecting the overall rise in consumer prices before seasonal adjustments. The index for all items less food and energy saw a 3.3 per cent rise over the past year, marking the smallest 12-month increase since April 2021.

Gasoline prices were a significant factor in June’s decrease, falling by 3.8 per cent, which followed a 3.6 per cent decline in May. This drop in gasoline prices more than offset the increase in the shelter index. The overall energy index also fell by 2.0 per cent for the second consecutive month.

Meanwhile, food prices edged up by 0.2 per cent in June, with the food away from home index rising by 0.4 per cent and the food at home index increasing by 0.1 per cent.

Excluding food and energy, the CPI rose by 0.1 per cent in June, following a 0.2 per cent increase in May.

Notable increases were seen in the indexes for shelter, motor vehicle insurance, household furnishings and operations, medical care, and personal care. Conversely, airline fares, used cars and trucks, and communication indexes saw decreases over the month.

The energy index grew by 1.0 per cent, and the food index increased by 2.2 per cent over the same period.

Attribution: US Bureau of Labor Statistics data