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CPI Sees Largest One-Month Change Since 2008

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CPI Sees Largest One-Month Change Since 2008

The Consumer Price Index for All Urban Consumers increased 0.9 percent in June on a seasonally adjusted basis after rising 0.6 percent in May, the U.S. Bureau of Labor Statistics reported today. This was the largest 1-month change since June 2008, when the index rose 1.0 percent.

Over the last 12 months, the all-items index increased 5.4 percent before seasonal adjustment; this was the largest 12-month increase since a 5.4-percent increase for the period ending August 2008.

The food index increased 0.8 percent in June, as did the food at home index. Both indexes rose 0.4 percent in May. As in May, the food at home increase was mostly due to the index for meats, poultry, fish, and eggs, which increased 2.5 percent over the month.



Other key increases included:

  • The beef index rose 4.5 percent in June, its largest 1-month increase since June 2020.
  • The index for fruits and vegetables rose 0.7 percent in June after being unchanged in the preceding month.
  • The nonalcoholic beverages index increased 0.9 percent in June after declining 0.5 percent in May.

In contrast to these increases, the index for cereals and bakery products was the only one of the six major grocery store category indexes to decline in June, falling 0.3 percent.

FOOD AWAY FROM HOME

The food away from home index rose 0.7 percent in June following a 0.6-percent increase in May. The index for full-service meals rose 0.8 percent, its largest monthly increase since last June. The index for limited-service meals increased 0.6 percent in June.

The index for food away from home rose 4.2 percent over the last year, the largest 12-month increase in that index since the period ending in May 2009. The index for limited-service meals rose 6.2 percent since June 2020, and the index for full-service meals rose 4.1 percent over the last 12 months. The index for food at employee sites and schools declined sharply over the last year, falling 29.9 percent.

See Also

FOOD AT HOME

The food at home index increased 0.9 percent over the past 12 months. All six major grocery store food group indexes increased, but the index for fruits and vegetables was the only one to rise more than 0.8 percent; increasing 3.2 percent.

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The Food Institute