The Consumer Price Index for All Urban Consumers increased 0.2% in June, before seasonal adjustment, according to a report released today by the U.S. Department of Labor. The June level of 202.9 was 4.3% higher than in June 2005.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) also increased 0.2% in June, prior to seasonal adjustment. The June level of 198.6 was 4.5% higher than in June 2005.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.3% in June. The June level of 117.5 was 3.7% higher than in June 2005.
On a seasonally adjusted basis, the CPI-U advanced 0.2% in June, following a 0.4% rise in May. Energy costs dropped 0.9% following increases in each of the preceding three months. The index for petroleum based energy decreased 0.9% and the index for energy services fell 1.1%.
Consumer prices increased at a Seasonally Adjusted Annual Rate (SAAR) of 5.1% in the second quarter after advancing at a 4.3% rate Q1 of 2006. The index for energy, which rose 17.1% in 2005, advanced at a 22.8% SAAR in the first half of 2006. Petroleum-based energy costs increased at a 48.7% annual rate while charges for energy services declined at a 3.1% annual rate.
The CPI-U excluding food and energy advanced at a 3.6% SAAR in the second quarter, following an increase at a 2.8% rate during the first quarter of 2006. About 70% of the overall acceleration was accounted for by the larger increase in the index for shelter.
The index for housing, which rose 0.3% in May, increased 0.2% in June. The index for shelter rose 0.4% in June. Within shelter, the indexes for rent and owners' equivalent rent each increased 0.4% and the index for lodging away from home rose 0.3%.
The index for fuels and utilities declined for the fifth consecutive month, marking a 0.7% decrease. A decline in the index for natural gas offset increases in the indexes for electricity and fuel oil.
The index for natural gas declined 5.7% in June and has fallen 19.0% in the last five months. The index for electricity increased 1.0%, while the index for fuel oil rose for the third consecutive month, marking a 1.5% increase. During the last 12 months, charges for fuel oil has increased 25.2% and electricity has increased 12.8%.
The transportation index declined 0.2% in June, reflecting a decrease in the index for motor fuel. Despite a 1.0% decline in June, gasoline prices were 34.0% higher than a year earlier.
The Consumer Price Index (CPI) is a measure of the average change in prices over time of goods and services purchased by households. The CPIs are based on prices of food, clothing, shelter, and fuels, transportation fares, charges for doctors' and dentists' services, drugs, and other goods and services that people buy for day-to-day living.