The Consumer Price Index (CPI) declined 0.1 percent from the prior month. All items in the CPI index have increased by three percent over the last twelve months. The Federal Reserve’s targeted annual inflation rate is two percent.
Since May, there have been a handful of changes in key areas of the economy. The gasoline index fell 3.8 percent in June after already falling 3.6 percent in May, totaling a 7.4 percent decline over the last two months. As mentioned earlier, the total CPI index rose three percent from this time last year. All items without food and energy rose by 3.3 percent. The energy index rose one percent over the last year.
The food index increased 2.2 percent over the past 12 months and rose 0.2 percent over the past month. Food from home rose 0.4 percent, and food away from home rose 0.1 percent since May. The meats, poultry, fish, and eggs index, unadjusted, increased by 2.6 percent from the last year and 0.1 percent from the prior month. The chicken index, unadjusted, increased by 0.5 percent on the year but decreased by one percent since May.
The full July 2024 CPI report can be found here.