In July 2022, the Consumer price index for all urban consumers (CPI-U) was unchanged on a seasonally adjusted basis, after rising 1.3% in June. However, the all-items index has increased by 8.5% over the past 12 months. In June, the year on year (YOY) the increase was 9.1%.
The gasoline index fell 7.7% in July. This offset increases in the food and housing indexes, which rose 1.1% and 0.5%, respectively, for the month.
Key points to remember
- In July 2022, consumer prices, as measured by the CPI-U, were unchanged from June.
- A drop in the price of gasoline offset increases in the cost of food and housing.
- However, the CPI-U ended July up 8.5% over the past 12 months.
- In June, the year-on-year increase was 9.1%.
All items less food and energy
The index for all items less food and energy rose 0.3% in July, less than the increases in April, May and June. The figures for these months were 0.6%, 0.6% and 0.7% respectively. Food and energy tend to be among the volatile components of the CPI-U, so eliminating them is often used as a more reliable measure of core inflation.
The 0.3% advance in the index for all items less food and energy matches the 2022 low recorded in March. This figure increased by 0.6% and 0.5%, respectively, in January and February.
Overall, the energy index fell 4.6% in July, its biggest monthly drop so far in 2022. As noted above, gasoline fell 7.7% . Fuel oil fell 11.0%, energy products 7.6% and natural gas pipeline service 3.6%. However, electricity rose 1.6% for the month, its sixth monthly increase in the first seven months of 2022.
Compared to July 2022, overall energy prices are up 32.9%. The 12-month increases of its main components are as follows: gasoline, 44.0%; energy raw materials, 44.9%; fuel oil, 75.6%; electricity, 15.2%; and town gas service, 18.8%.
The overall 1.1% increase in food prices in July was the result of a 1.3% increase in food at home and a 0.7% increase in food away from home. Both food categories grew each month of 2022 and are up 10.9% and 13.1%, respectively.