By Tom Burnett CFA
On August 10, 2022, the Bureau of Labor Statistics released the Consumer Price Index information for the month of July. The Index was unchanged in July, after rising 1.3% in June. The zero increase for July was the lowest monthly increase in the 2022 year thus far. The previous monthly low increase was the 0.3% rise in the month of April. The increase in the 12-month rate was 8.5%, down from the 9.1% increase for the 12 months ending in June.
The Core Index, excluding food and energy, rose by 0.3% in July and by 5.9% for the year ending in July. The 5.9% increase in the year period was the identical number for the 12-month increase for June.
The Energy Index rose 32.9% in the 12 month period, a smaller increase than the 41.6% increase for the year ending in June. The Food Index was higher by 10.9% in the year ending in July, the largest 12-month increase since the period ending May 1979. The Food Index monthly increase was 1.1%, the seventh consecutive monthly increase of 0.9% or more in 2022.
The next CPI report will be issued on September 13, 2022.
Tom Burnett CFA is Director of Research