July consumer prices were 3.2% higher than a year ago, according to the Commerce Department’s Consumer Price Index.
The rate was nearly the same as June’s modest 3% inflation pace, which was the smallest 12-month increase since the period ending March 2021.
Compared to June, July consumer prices were 0.2% higher, the report said.
For the past month, the index for shelter was by far the largest contributor to the monthly all-items increase, accounting for over 90% of the increase, with the index for motor vehicle insurance also contributing. The food index increased 0.2% in July after increasing 0.1% the previous month, according to the report.
The index for food at home increased 0.3% over the month while the index for food away from home rose 0.2% in July, according to the report. The energy index rose 0.1% in July.
Yearly comparison
The all-items index increased 3.2% for the 12 months ending July, slightly more than the 3% increase for the 12 months ending in June.
The food prices index in July increased 4.9% over the last year, the report said.
The food at home (grocery) index rose 3.6% over the last 12 months. The index for cereals and bakery products rose 7% over the 12 months ending in July. The meats, poultry, fish and eggs index declined 0.2% over the year. The remaining major grocery store food groups posted increases ranging from 1.3% (dairy and related products) to 5.4% (both nonalcoholic beverages and other food at home).
From July’s numbers, the index for food away from home (restaurant) rose 7.1% over the last year.
The index for full-service restaurant meals rose 5.8% over the last 12 months, and the index for limited-service meals rose 7.1% over the same period.
From the report, July 2023 inflation numbers compared with July 2022:
- Fresh fruits and vegetables: up 1.2%.
- Fresh fruits: up 0.4%.
- Apples: up 7.5%.
- Bananas: 0%.
- Citrus: down 2.9%.
- Oranges, including tangerines: down 3.6%.
- Fresh vegetables: up 2.1%.
- Potatoes: up 4.4%.
- Lettuce: up 6.6%.
- Tomatoes: up 2%.
