By Tom Burnett CFA
On August 10, 2023, the Bureau of Labor Statistics reported the Consumer Price Index data for July. The CPI rose by 0.2% in July, the same rate as in June. The 12-month increase was 3.2%, compared to 3.0% in June. This 3.2% rate is down from a recent high of 9.1% in June 2022.
The Core rate, excluding food and energy, rose 0.2% in July, the same rate as in June. The Core Index increased by 4.7% over the past year, down slightly from the 4.8% rate in the prior month. Energy prices were down 12.5% over the past 12-month period while food prices increased by 4.9% during that period.
The next CPI report will be released on September 13, 2023.
Tom Burnett CFA is Director of Research