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June Consumer Price Index, Inflation Cool-Off Continues

The Consumer Price Index for June 2023 was released Wednesday, showing indicators of inflation decreasing.

Consumer prices increased by 3 percent over the past 12 months, an indicator of a steady decrease in inflation, according to the U.S. Bureau of Labor Statistics.

The June Consumer Price Index, released Wednesday, showed the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June when seasonally adjusted, an increase of  0.1 percent in May.

The core index, which measures the change in value when removing food and fuel costs, rose 4.8 percent over the last 12 months. 

While indexes that showed an increase in June include shelter, motor vehicle insurance, apparel, recreation and personal care, other indexes such as airline fares, communication, used cars and trucks and household furnishings and operations experienced a decrease over the month.

The housing sector, in particular, is expected to continue disinflation over the coming months. The shelter index increased 0.4 percent over the month after rising 0.6 percent in May. The rent index rose 0.5 percent in June while the index for owners’ equivalent rent increased by 0.4 percent.

Read the full Consumer Price Index June 2023, here.

Posted July 13, 2023.