X

Consumer Prices Unchanged in July 2022

In July 2022, the Consumer price index for all urban consumers (CPI-U) was unchanged on a seasonally adjusted basis, after rising 1.3% in June. However, the all-items index has increased by 8.5% over the past 12 months. In June, the year on year (YOY) the increase was 9.1%.

The gasoline index fell 7.7% in July. This offset increases in the food and housing indexes, which rose 1.1% and 0.5%, respectively, for the month.

Key points to remember

  • In July 2022, consumer prices, as measured by the CPI-U, were unchanged from June.
  • A drop in the price of gasoline offset increases in the cost of food and housing.
  • However, the CPI-U ended July up 8.5% over the past 12 months.
  • In June, the year-on-year increase was 9.1%.

All items less food and energy

The index for all items less food and energy rose 0.3% in July, less than the increases in April, May and June. The figures for these months were 0.6%, 0.6% and 0.7% respectively. Food and energy tend to be among the volatile components of the CPI-U, so eliminating them is often used as a more reliable measure of core inflation.

The 0.3% advance in the index for all items less food and energy matches the 2022 low recorded in March. This figure increased by 0.6% and 0.5%, respectively, in January and February.

Energy prices

Overall, the energy index fell 4.6% in July, its biggest monthly drop so far in 2022. As noted above, gasoline fell 7.7% . Fuel oil fell 11.0%, energy products 7.6% and natural gas pipeline service 3.6%. However, electricity rose 1.6% for the month, its sixth monthly increase in the first seven months of 2022.

Compared to July 2022, overall energy prices are up 32.9%. The 12-month increases of its main components are as follows: gasoline, 44.0%; energy raw materials, 44.9%; fuel oil, 75.6%; electricity, 15.2%; and town gas service, 18.8%.

Food prices

The overall 1.1% increase in food prices in July was the result of a 1.3% increase in food at home and a 0.7% increase in food away from home. Both food categories grew each month of 2022 and are up 10.9% and 13.1%, respectively.

Thiru Venkatam: Thiru Venkatam is a distinguished digital entrepreneur and online publishing expert with over a decade of experience in creating and managing successful websites. He holds a Bachelor's degree in English, Business Administration, Journalism from Annamalai University and is a certified member of Digital Publishers Association. The founder and owner of multiple reputable platforms - leverages his extensive expertise to deliver authoritative and trustworthy content across diverse industries such as technology, health, home décor, and veterinary news. His commitment to the principles of Expertise, Authoritativeness, and Trustworthiness (E-A-T) ensures that each website provides accurate, reliable, and high-quality information tailored to a global audience.
Related Post