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Consumer prices up 2.9 percent from July 2023 to July 2024

August 21, 2024

Over the year ended July 2024, the Consumer Price Index for All Urban Consumers increased 2.9 percent. This was the first time since March 2021 that the 12-month increase was below 3.0 percent. Food prices rose 2.2 percent from July 2023 to July 2024, compared with increases of 4.9 percent from July 2022 to July 2023 and 10.9 percent from July 2021 to July 2022.
12-month percent change, Consumer Price Index, selected categories
Category July 2020 to July 2021 July 2021 to July 2022 July 2022 to July 2023 July 2023 to July 2024

All items

 5.4 8.5 3.2 2.9

Food

 3.4 10.9 4.9 2.2

Food at home

 2.6 13.1 3.6 1.1

Food away from home

 4.6 7.6 7.1 4.1

Energy

 23.8 32.9 -12.5 1.1

Energy commodities

 41.2 44.9 -20.3 -2.0

Energy services

 7.2 18.8 -1.1 4.2

All items less food and energy

 4.3 5.9 4.7 3.2

Commodities less food and energy commodities

 8.5 7.0 0.8 -1.9

Apparel

 4.2 5.1 3.2 0.2

New vehicles

 6.4 10.4 3.5 -1.0

Used cars and trucks

 41.7 6.6 -5.6 -10.9

Medical care commodities

 -2.1 3.7 4.1 2.8

Alcoholic beverages

 2.4 4.2 4.1 1.9

Tobacco and smoking products

 6.4 7.7 6.1 7.9

Services less energy services

 2.9 5.5 6.1 4.9

Shelter

 2.8 5.7 7.7 5.1

Medical care services

 0.8 5.1 -1.5 3.3

Transportation services

 6.4 9.2 9.0 8.8

Consumer prices for energy rose 1.1 percent over the year ended July 2024, while prices for all items less foods and energy rose 3.2 percent. This was the smallest 12-month increase in all items less foods and energy prices since April 2021.

Within all items less foods and energy, prices for new vehicles decreased 1.0 percent, while prices for used cars and trucks fell 10.9 percent. Consumer prices for alcoholic beverages rose 1.9 percent from July 2023 to July 2024, compared with increases of 4.1 percent from July 2022 to July 2023 and 4.2 percent from July 2021 to July 2022.

These data are from the Consumer Price Index program and are not seasonally adjusted. To learn more, see "Consumer Price Index — July 2024." We also have more charts related to the latest Consumer Price Index news release. 

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Consumer prices up 2.9 percent from July 2023 to July 2024 at https://www.bls.gov/opub/ted/2024/consumer-prices-up-2-9-percent-from-july-2023-to-july-2024.htm (visited September 09, 2024).

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