By Tom Burnett CFA
On July 13, 2022, the Bureau of Labor Statistics released its CPI report for the month of June. All figures in this article are taken directly from the CPI report. The CPI rose 1.3% in June, following a rise of 1.0% in May and an increase of 0.3% in April. The average monthly increase in the CPI this year is 0.86%. The CPI rose 9.1% over the 12 months ending in June, the largest 12-month increase since November 1981.
The Core Index, excluding food and energy, rose 0.7% in June, after increasing 0.6% in each of the two prior months. The Core Index rose by 5.9% in the year ending in June. The Energy Index has risen 41.6% in the 12 months through June, the largest year-over-year increase since Aprill 1980. Gasoline prices rose 59.9% in the year ending in June, the largest yearly increase since March 1980. The food index increased 1.0% in June, following an increase of 1.2% in May. The index for food-at-home also rose 1.0% in June, the sixth straight monthly increase of at least 1.0% in that index. The index for food-away-from-home rose by 7.7% in the year ending in June, the largest 12-month change since November 1981. The overall food index rose 10.4% in the 12 months ending in June, the largest 12-month increase since the period ending in February 1981.
The next CPI report will be issued on August 10, 2022.
Tom Burnett CFA is Director of Research