Inflation in the U.S. slowed in June to its lowest levels in more than two years.
The Labor Department reports the Consumer Price Index rose 3.0 percent in June vs. June 2022, down from its highest recent year-over-year change in June 2022, when it was 9.1 percent.
In the food category, June 2023 prices were 5.7 percent higher than a year ago. Food at home was 4.7 percent higher, while food away from home was 7.7 percent higher than a year ago.
In the produce category, total fruits and vegetables in June were 3.0 percent above a year ago, but fresh fruit and vegetable were just 1.1 percent higher than a year ago. Fresh fruit was 0.3 percent higher than last June, while fresh vegetables were 2.1 percent higher.
Canned fruit and vegetables were 7.0 percent higher than this time last year, while frozen fruit and vegetables were 12.5 percent higher than June 2022.
The U.S. Bureau of Labor Statistics released this monthly report July 12, 2023:
CONSUMER PRICE INDEX – JUNE 2023
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal
The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase, with the index for motor vehicle insurance also contributing.
The food index increased 0.1 percent in June after increasing 0.2 percent the previous month. The index for food at home was unchanged over the month while the index for food away from home rose 0.4 percent in June. The energy index rose 0.6 percent in June as the major energy component indexes were mixed.
The index for all items less food and energy rose 0.2 percent in June, the smallest 1-month increase in that index since August 2021. Indexes which increased in June include shelter, motor vehicle insurance, apparel, recreation, and personal care. The indexes for airline fares, communication, used cars and trucks, and household furnishings and operations were among those that decreased over the month.
The all items index increased 3.0 percent for the 12 months ending June; this was the smallest 12-month increase since the period ending March 2021. The all items less food and energy index rose 4.8 percent over the last 12 months. The energy index decreased 16.7 percent for the 12 months ending June, and the food index increased 5.7 percent over the last year.
The food index rose 0.1 percent in June. The food at home index was unchanged over the month, following a 0.1-percent increase in May. Two of the six major grocery store food group indexes increased over the month. The index for fruits and vegetables increased 0.8 percent in June, following a 1.3-percent increase in May. The cereals and bakery products index rose 0.1 percent over the month.
The index for meats, poultry, fish, and eggs decreased 0.4 percent in June, as the index for eggs fell 7.3 percent over the month after falling sharply in May. The other food at home index decreased 0.2 percent in June after increasing 0.4 percent the previous month. The index for dairy and related products fell 0.3 percent over the month, and the index for nonalcoholic beverages declined 0.1 percent in June.
The food away from home index rose 0.4 percent in June. The index for full service meals increased 0.3 percent over the month and the index for limited service meals increased 0.4 percent.
The food at home index rose 4.7 percent over the last 12 months. The index for cereals and bakery products rose 8.8 percent over the 12 months ending in June. The meats, poultry, fish, and eggs index declined 0.2 percent over the year. The remaining major grocery store food groups posted increases ranging from 2.7 percent (dairy and related products) to 7.6 percent (nonalcoholic beverages).
The index for food away from home rose 7.7 percent over the last year. The index for full service meals rose 6.2 percent over the last 12 months, and the index for limited service meals rose 7.8 percent over the same period.
The energy index rose 0.6 percent in June after falling 3.6 percent in May. The gasoline index increased 1.0 percent in June, following a 5.6-percent decrease in the previous month. (Before seasonal adjustment, gasoline prices rose 0.7 percent in June.)
Other energy components were mixed. The index for electricity increased 0.9 percent in June, after falling in each of the preceding 3 months. The natural gas index decreased 1.7 percent over the month, the fifth consecutive decrease in that index. The index for fuel oil also declined in June, falling 0.4 percent.
The energy index fell 16.7 percent over the past 12 months. The gasoline index decreased 26.5 percent over the last 12 months, while the natural gas index fell 18.6 percent, and the fuel oil index fell 36.6 percent over the span. In contrast, the index for electricity rose 5.4 percent over the last year.
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