A lot more intense economic commentary and detail coming by way of blogger and commenter R.J.S. MarketWatch 666 CPI Rose 0.5% in July on Higher Prices for Food, Energy, New Vehicles and Lodging The consumer price index rose 0.5% in July, as higher prices for food, energy, new vehicles, and lodging at hotels and motels and were only slightly offset by lower prices for car and truck rentals, vehicle insurance and health insurance . . . the Consumer Price Index Summary from the Bureau of Labor Statistics indicated that seasonally adjusted prices averaged 0.5% higher in July, after rising by 0.9% in June, by 0.6% in May, by 0.8% in April. by 0.6% in March, 0.4% in February, 0.3% in January, 0.2% in December, 0.2% in November, 0.1% in October,
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A lot more intense economic commentary and detail coming by way of blogger and commenter R.J.S. MarketWatch 666
CPI Rose 0.5% in July on Higher Prices for Food, Energy, New Vehicles and Lodging
The consumer price index rose 0.5% in July, as higher prices for food, energy, new vehicles, and lodging at hotels and motels and were only slightly offset by lower prices for car and truck rentals, vehicle insurance and health insurance . . . the Consumer Price Index Summary from the Bureau of Labor Statistics indicated that seasonally adjusted prices averaged 0.5% higher in July, after rising by 0.9% in June, by 0.6% in May, by 0.8% in April. by 0.6% in March, 0.4% in February, 0.3% in January, 0.2% in December, 0.2% in November, 0.1% in October, 0.2% in September, 0.4% in August, and by 0.5% last July . . . the unadjusted CPI-U index, which was set with prices of the 1982 to 1984 period equal to 100, rose from 271.696 in June to 273.003 in July, which left it statistically 5.3655% higher than the 259.101 index reading of June of last year, which is reported as a 5.4% year over year increase, essentially unchanged from the year over year increase reported a month ago . . . with food and energy prices leading the rise the overall index increase, seasonally adjusted core prices, which exclude food and energy, were up by just 0.3% for the month, as the unadjusted core price index rose from 278.218 to 279.146, which left the core index 4.2745% ahead of its year ago reading of 267.703, which is reported as a 4.3% year over year increase, down from the 4.5% year over year core price increase that was reported for June, which had been the largest year over year core price index increase since November 1991…
The volatile seasonally adjusted energy price index rose 1.6% in July, after rising 1.5% in June, being unchanged in May, falling by 0.1% in April, rising by 5.0% in March, by 3.9% in February, by 3.5% in January, by 2.6% in December, 0.7% in November, 0.6% in October, 1.4% in September, 0.9% in August, and by 2.1% last July, and hence is now 23.8% higher than in July a year ago . . . the price index for energy commodities was 2.3% higher in July, while the index for energy services was 0.8% higher, after rising 0.2% in June . . . the energy commodity index was up 2.3% on a 2.4% increase in the price of gasoline and a 0.6% increase in the price index for fuel oil, while prices for other energy commodities, including propane, kerosene, and firewood, were on average 2.5% higher . . . within energy services, the price index for utility gas service rose 2.2% after rising 1.7% in June and is now 19.0% higher than it was a year ago, while the electricity price index rose 0.4% in July after falling 0.3% in June . . . energy commodities are now averaging 41.2% higher than their year ago levels, with gasoline prices averaging 41.8% higher than they were a year ago, while the energy services price index is now up 7.2% from last July, as electricity prices are now 4.0% higher than a year ago…
The seasonally adjusted food price index rose 0.7% in July, after rising by 0.8% in June, by 0.4% in May, by 0.4% in April, by 0.1% in March, by 0.2% in February, by 0.1% in January and by 0.3% in December, after being unchanged in November, rising 0.2% in October, rising 0.1% in August and in September, but after falling 0.3% last July, as the price index for food purchased for use at home was 0.7% higher in July, after rising 0.8% in June, while the index for food bought to eat away from home was 0.8% higher, as average prices at fast food outlets rose 1.0% and prices at full service restaurants rose 0.6%, while food prices from vending machines and mobile vendors averaged 0.3% higher . . .
In the food at home categories, the price index for cereals and bakery products was 1.2% higher, as average bread prices rose 0.1%, the price index for crackers and bread and cracker products rose 3.7%, the price index for cookies rose 1.9% and the price index for fresh sweet rolls, coffeecakes, doughnuts rose 2.8% . . . at the same time, the price index for the meats, poultry, fish, and eggs food group was 1.5% higher, as the price index for beef and veal rose 1.2%, the price index for poultry rose 1.9%, and the price index for fish and seafood rose 2.0% . . . in addition, the seasonally adjusted price index for dairy products was 0.6% higher, as milk prices rose 0.9% and the price index for ice cream and related products was 1.8% higher . . . on the other hand, the fruits and vegetables price index was 0.9% lower, as the price index for fresh fruits fell 1.8% and the price index for fresh vegetables fell 0.8%…meanwhile, the beverages price index was 0.7% higher, as the price index for carbonated drinks rose 1.4% and the price index for noncarbonated juices and drinks rose 1.0%, while coffee prices were 0.6% lower . . . lastly, the price index for the ‘other foods at home’ category rose 0.8%, as the price index for prepared salads rose 4.1%, the price index for fats and oils other than butter and margarine but including peanut butter rose 2.2%, the price index for frozen and freeze dried prepared foods rose 1.5%, and the price index for snack foods was 1.1% higher…the itemized list for price changes of over 100 separate food items is included at the beginning of Table 2 for this release, which also gives us a line item breakdown for prices of more than 200 CPI items overall . . . since last July, the price index for uncooked beef steaks is up 10.7%, the price index for “other pork including roasts, steaks, and ribs is up 13.7%, while there are no food line items showing a price drop greater than 10% over the past year…
Among the seasonally adjusted core components of the CPI, which rose 0.3% in July after rising by 0.9% in June, by 0.7% in May, 0.9% in April, 0.3% in March, 0.1% in February, being unchanged in January and December, after rising by 0.2% in November, by 0.1% in October, by 0.2% in September, by 0.3% in August, by 0.5% in July of last year, the composite price index of all goods less food and energy goods was 0.5% higher in June, while the more heavily weighted composite for all services less energy services was 0.3% higher . . .
Among the goods components, which will be used by the Bureau of Economic Analysis to adjust July retail sales for inflation in national accounts data, the price index for household furnishings and supplies was 0.1% higher, as the price index for bedroom furniture rose 1.6%, the price index for major appliances rose 0.9%, and the price index for housekeeping supplies rose 1.1%, while the price index for window and floor coverings fell 1.4% . . . meanwhile, the apparel price index was unchanged as a 5.5% increase in the price index for women’s dresses and a 2.9% increase in the price index for men’s suits, sport coats, and outerwear were offset by a 2.6% decrease in the price index for women’s outerwear and a 3.4% decrease in the price index for boys’ and girls’ footwear…however, the price index for transportation commodities other than fuel rose another 1.0%, after rising 5.6% in June, 4.0% in May and 4.3% in April, as prices for new cars were 1.8% higher, prices for new trucks were 1.6% higher, prices for used cars and trucks rose by 0.2%, the price index for motor oil, coolant, and fluids rose 1.6%, and the price index for vehicle accessories other than tires was also 1.6% higher . . . at the same time, the price index for medical care commodities was 0.2% higher even as prescription drug prices fell 0.1%, as nonprescription drug prices rose 0.6%, and the price index for medical equipment and supplies rose 0.1% . . . at the same time, the recreational commodities index was 0.5% higher on a 1.6% increase in TV prices, a 3.1% increase in the price index for pets, pet supplies, accessories, and a 1.0% increase in the price index for newspapers and magazines . . . in addition, the education and communication commodities index was 0.8% higher on a 1.2% increase in the price index for computers, peripherals, and smart home assistants and a 0.7% increase in the price index for college textbooks . . . . lastly, a separate price index for alcoholic beverages was 0.3% higher, while the price index for ‘other goods’ was 0.2% higher on a 0.5% increase in the price of cigarettes and a 0.7% increase in the price index for hair, dental, shaving, and miscellaneous personal care products . . .
Within core services, the price index for shelter was 0.4% higher as rents rose 0.4%, homeowner’s equivalent rent was 0.3% higher, and prices for lodging away from home at hotels and motels rose 6.8%, while at the same time the shelter sub-index for water, sewers and trash collection rose 0.5%, and other household operation costs were on average 0.2% higher . . . at the same time, the price index for medical care services was 0.3% higher as dental services rose 0.5% and the price index for inpatient hospital services rose 0.6% while the price index for health insurance fell 0.6% . . . on the other hand, the transportation services price index was 1.1% lower, as the price index for car and truck rentals fell 4.6%, the price index for vehicle insurance fell 2.8%, airline fares fell 0.1% and the price index for other intercity transportation fell 2.0%…meanwhile, the recreation services price index rose 0.6% as the price index for cable and satellite television service rose 0.5%, the price index for admission to movies, theaters, and concerts rose 1.7%, and the price index for admission to sporting events rose 1.3% . . . at the same time, the index for education and communication services was 0.1% higher as the price index for land-line telephone services rose 0.4%, the price index for day care and preschool rose 0.5%, and the price index for delivery services rose 1.0% . . . . lastly, the index for other personal services was 1.2% higher as the price index for haircuts and other personal care services was 2.2% higher, the price index for laundry and dry cleaning services was 1.0% higher and the price index for tax return preparation and other accounting fees rose 1.1%…
Among core line items, the price index for car and truck rental, which is still 73.5% higher than a year ago, the price index for used car and trucks, which is still up 41.7% from a year ago, the price index for airline fares, which is still up 19.0% since last July, the price index for other intercity transportation, which is up 11.4% over the same span, the price index for men’s pants and shorts, which is now up 11.2% from a year ago, the price index for women’s dresses, which has risen by 18.8% over the past year, the price index for jewelry, which is up by 10.1% since last July, the price index for lodging away from home including at hotels and motels, which has now risen 24.1% from a year ago, the price index for domestic services, which has risen 11.0% year over year, the price index for moving, storage, freight expense, which is up by 13.3% over the last 12 months, the price index for laundry equipment, which is up 17.9% from last July, have all seen prices rise by more than 10% over the past year, while the price index for telephone hardware, calculators, and other consumer information items, which is now down by 16.6% since last July, is the only core line item to have decreased in price by a double digit magnitude over that one year span . . .