The Bureau of Labor Statistics released its monthly Consumer Price Index Summary on July 15, showing that its all-items index increased 2.7% for the 12 months ending June.

On a monthly basis, June’s all-items index increased 0.3%, following a 0.1% gain in May and a 0.2% increase in April.

Economists surveyed by various news outlets expected a monthly increase of 0.3% month-over-month, marking five consecutive months that core inflation was below economists’ expectations. Meanwhile, the 12-month figure either matched or slightly exceeded expectations.

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The monthly index for shelter increased 0.2% in June vs May, while the energy index rose 0.9% in June as gasoline jumped 1.0%. The index for food increased 0.3% as both its major indexes — food at home and food away from home — increased 0.3% and 0.4%, respectively.

The monthly index for all-items less food and energy — known as core inflation — rose 0.2% in June, following a 0.1% increase in May. Indexes that increased in June include household furnishings and operations, medical care, recreation, apparel and personal care. Meanwhile, the indexes that decrease in June include sed cars and trucks, new vehicles and airline fares.

On a year-over-year basis, June’s core inflation rose 2.9%. The year-over-year energy index decreased 0.8%, while the food index increased 3.0%

U.S. Core Inflation Rate Month-Over-Month

source: tradingeconomics.com

U.S. Core Inflation Rate Year-Over-Year

source: tradingeconomics.com