August 18, 2009
On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July, following a 0.7-percent increase in June. Small declines in the food and energy indexes offset a small increase in the index for all items less food and energy.
The food index declined 0.3 percent in July, with all six major grocery store food groups posting declines. The energy index, which rose 7.4 percent in June, fell 0.4 percent in July. Decreases in the indexes for gasoline, fuel oil, and electricity more than offset an increase in the index for natural gas.
The index for all items less food and energy rose 0.1 percent in July, following a 0.2-percent increase in June. The indexes for new vehicles, tobacco, medical care and apparel all continued to increase in July, and the index for airline fares turned up after a long series of declines. In contrast to these increases, the shelter index decreased in July, as the index for lodging away from home fell and the indexes for rent and owners' equivalent rent were unchanged.
Over the last 12 months the CPI-U has fallen 2.1 percent (as shown in the chart). A 28.1-percent decline in the energy index since its July 2008 peak has more than offset increases of 0.9 percent in the food index and 1.5 percent in the index for all items less food and energy.