The US economy continues to claw back at inflationary pressures nationwide, with the latest data showing inflation receding in June 2024.
The Consumer Price Index for All Urban Consumers (CPI-U) declined by 0.1 per cent, following a stable rate in May, according to the Bureau of Labor Statistics (BLS). Over the past 12 months, the all-items index surged by 3.0 per cent before seasonal adjustment.
In June, the index for gasoline fell by 3.8 per cent, following a 3.6 per cent decline in May, which more than offset the increase in shelter costs. The overall energy index dropped by 2.0 per cent, mirroring the previous month’s decline.
Meanwhile, the food index rose by 0.2 per cent, with the food away from home index increasing by 0.4 per cent and the food at home index rising by 0.1 per cent. The index for all items excluding food and energy went up 0.1 per cent in June, a slight decrease from the 0.2 per cent rise in the preceding month.
Notable increases were seen in the indexes for shelter, motor vehicle insurance, household furnishings and operations, medical care, and personal care. However, the indices for airline fares used cars and trucks, and communication saw decreases during the month.
Over the 12 months ending in June, the all-items index rose by 3.0 per cent, down from the 3.3 per cent increase for the 12 months ending in May. The index for all items less food and energy increased by 3.3 per cent, marking the smallest 12-month rise since April 2021.
The energy index saw a 1.0 per cent increase, while the food index rose by 2.2 per cent over the past year.
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