The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in July (same as June). Interestingly, they report that once again the gasoline index rose in July (after June’s sharp increase) and accounted for about one quarter of the monthly increase in the seasonally adjusted all items index.
“The index for all items less food and energy increased 0.6 percent in July after increasing 0.2 percent in June. The index for motor vehicle insurance rose sharply by 9.3 percent in July following a 5.1-percent increase in June. The shelter index rose 0.2 percent in July, with the indexes for rent and owners’ equivalent rent both increasing 0.2 percent.”