CONSUMER PRICE INDEX: JUNE 2007
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in June, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The June level of 208.352 (1982-84=100) was 2.7 percent higher than in June 2006.
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The Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) increased 0.1 percent in June prior to seasonal adjustment. The
June level of 203.906 (1982-84=100) was 2.7 percent higher than in June
2006.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
increased 0.2 percent in June on a not seasonally adjusted basis. The
June level of 120.221 (December 1999=100) was 2.3 percent higher than in
June 2006. Please note that the indexes for the post-2005 period are
subject to revision.
CPI for All Urban Consumers (CPI-U)
On a seasonally adjusted basis, the CPI-U advanced 0.2 percent in
June, following a 0.7 percent increase in May. The index for energy,
which had increased sharply in each of the preceding three months,
declined 0.5 percent in June. The index for petroleum-based energy
decreased 0.9 percent and the index for energy services fell 0.1 percent.
The food index rose 0.5 percent in June with grocery store food prices up
0.6 percent. The index for all items less food and energy advanced 0.2
percent in June, following a 0.1 percent rise in May. A larger increase
in the index for shelter and an upturn in the index for new and used
vehicles were responsible for the larger advance.
Table A. Percent changes in CPI for Urban Consumers (CPI-U)
Seasonally adjusted Un-
Compound adjusted
Expenditure Changes from preceding month annual rate 12-mos.
Category 2006 2007 3-mos. ended ended
Dec. Jan. Feb. Mar. Apr. May June June ‘07 June ‘07
All Items .4 .2 .4 .6 .4 .7 .2 5.2 2.7
Food and beverages -.1 .7 .8 .3 .4 .3 .5 4.9 4.0
Housing .4 .2 .4 .2 .2 .2 .3 3.0 3.4
Apparel .2 .3 .5 -1.0 -.3 -.3 -.6 -4.8 -1.4
Transportation 1.7 -.8 .1 2.8 1.2 2.8 -.2 16.5 0.9
Medical care .2 .8 .5 .1 .4 .3 .2 3.8 4.0
Recreation -.3 .1 .0 .0 .1 .2 .0 1.1 .3
Education and
communication .2 -.1 .3 .5 .3 .6 .0 3.5 2.4
Other goods and
services .6 .8 .2 .2 .3 .3 .3 3.4 3.7
Special Indexes
Energy 4.2 -1.5 .9 5.9 2.4 5.4 -.5 32.9 4.6
Food .0 .7 .8 .3 .4 .3 .5 5.1 4.1
All Items less
food and energy .1 .3 .2 .1 .2 .1 .2 2.3 2.2
Consumer prices increased at a seasonally adjusted annual rate (SAAR)
of 5.2 percent in the second quarter after advancing at a 4.7 percent rate
in the first three months of 2007. This brings the year-to-date annual
rate to 5.0 percent and compares with an increase of 2.5 percent in all of
2006. The index for energy, which rose 2.9 percent in all of 2006,
advanced at a 27.8 percent SAAR in the first half of 2007 and accounted
for about 48 percent of the advance in the overall CPI-U during that
period. Petroleum-based energy costs increased at a 48.3 percent annual
rate and charges for energy services rose at a 5.5 percent annual rate.
The food index rose at a 6.2 percent SAAR in the first half of 2007 and
contributed about 17 percent to the overall CPI-U increase in the first
six months. Grocery store food prices increased at a 8.0 percent annual
rate in the first half of 2007, reflecting acceleration over the last year
in each of the six major groups. These increases ranged from annual rates
of 14.8 percent in the index for dairy products to 5.5 percent in the
index for other food at home.
The CPI-U excluding food and energy advanced at a 2.3 percent SAAR
in the second quarter, the same rate as in the first three months of
2007. The advance at a 2.3 percent SAAR for the first half of 2007
compares with a 2.6 percent rise in all of 2006. The deceleration largely
reflects a smaller increase in the index for shelter and a downturn in the
index for apparel. Shelter costs, which rose 4.2 percent in all of 2006,
have risen at a 3.4 percent annual rate in the first half of 2007. The
index for apparel, which registered in first annual increase in 2006 since
1997, has declined at an annual rate of 2.9 percent thus far in 2007. The
annual rates for selected groups for the last seven and one-half years are
shown below.
Percentage change 12 months SAAR 6
ended in December mos. ended
in June
2000 2001 2002 2003 2004 2005 2006 2007
All items 3.4 1.6 2.4 1.9 3.3 3.4 2.5 5.0
Food and beverages 2.8 2.8 1.5 3.5 2.6 2.3 2.2 6.2
Housing 4.3 2.9 2.4 2.2 3.0 4.0 3.3 3.2
Apparel -1.8 -3.2 -1.8 -2.1 -.2 -1.1 .9 -2.9
Transportation 4.1 -3.8 3.8 .3 6.5 4.8 1.6 12.3
Medical care 4.2 4.7 5.0 3.7 4.2 4.3 3.6 4.7
Recreation 1.7 1.5 1.1 1.1 .7 1.1 1.0 .6
Education and
communication 1.3 3.2 2.2 1.6 1.5 2.4 2.3 3.1
Other goods
and services 4.2 4.5 3.3 1.5 2.5 3.1 3.0 4.1
Special indexes
Energy 14.2 -13.0 10.7 6.9 16.6 17.1 2.9 27.8
Energy
commodities 15.7 -24.5 23.7 6.9 26.7 16.7 6.1 48.3
Energy
services 12.7 -1.5 .4 6.9 6.8 17.6 -.6 5.5
All items less
energy 2.6 2.8 1.8 1.5 2.2 2.2 2.5 2.8
Food 2.8 2.8 1.5 3.6 2.7 2.3 2.1 6.2
All items less
food and energy 2.6 2.7 1.9 1.1 2.2 2.2 2.6 2.3
The food and beverages index rose 0.5 percent in June. The index
for food at home, which rose 0.4 percent in May, increased 0.6 percent in
June. The index for dairy products increased 3.2 percent, accounting for
over half of the June food at home advance. Milk prices rose 3.5 percent
and have risen 9.9 percent since the beginning of the year. The index for
fruits and vegetables declined for the second consecutive month–down 1.1
percent in June. The indexes for fresh vegetables and for fresh fruits
declined 2.7 and 0.7 percent, respectively, while the index for processed
fruits and vegetables increased 1.4 percent. The index for meats,
poultry, fish, and eggs increased 0.5 percent. The indexes for pork and
for beef increased 0.5 and 0.2 percent, respectively. Poultry prices rose
2.1 percent. Through the first six months of 2007, beef and pork prices
have each risen 5.2 percent and poultry prices, 6.5 percent. The indexes
for cereal and bakery products and for other food at home each increased
0.7 percent. The index for nonalcoholic beverages rose 0.3 percent. The
other two components of the food and beverages index–food away from home
and alcoholic beverages–increased 0.3 and 0.4 percent, respectively.
The index for housing increased 0.3 percent in June, following
increases of 0.2 percent in each of the preceding three months. The index
for shelter rose 0.4 percent, following an increase of 0.2 percent in May.
Within shelter, the index for rent rose 0.3 percent; the index for owners’
equivalent rent, 0.2 percent; and the index for lodging away from home,
2.5 percent. The index for household energy increased 0.1 percent as a
2.5 percent increase in the index for fuel oil was partially offset by
decreases in the indexes for natural gas and for electricity–each down
0.1 percent. (Prior to seasonal adjustment, charges for electricity rose
6.9 percent, reflecting in part the switch to seasonal rates in some
areas.) The index for household furnishings and operations increased 0.1
percent in June.
The transportation index, which had risen sharply in each of the
preceding three months, declined 0.2 percent in June, reflecting a
downturn in the index for motor fuels. The index for gasoline prices,
which had increased 28.0 percent during the previous three months,
declined 1.1 percent in June. (Prior to seasonal adjustment, gasoline
prices fell 1.9 percent from their peak level recorded in May.) The index
for new vehicles was virtually unchanged. The index for used cars and
trucks increased 0.4 percent. During the last 12 months new vehicle
prices have declined 1.0 percent and prices for used cars and trucks, 4.5
percent. The index for public transportation rose 0.8 percent in June,
reflecting a 0.9 percent increase in the index for airline fares. (Prior
to seasonal adjustment, airline fares advanced 2.8 percent.)
The index for apparel declined for the fourth consecutive month, down
0.6 percent in June. (Prior to seasonal adjustment, apparel prices
decreased 3.5 percent. Prices for women’s and girls’ apparel registered
the largest decline–down 5.8 percent.)
Medical care costs rose 0.2 percent in June and are 4.0 percent
higher than a year ago. The index for medical care commodities–
prescription drugs, nonprescription drugs, and medical supplies–was
virtually unchanged. The index for medical care services rose 0.3
percent. The indexes for professional services and for hospital and
related services increased 0.2 and 0.3 percent, respectively.
The index for recreation was virtually unchanged in June. Increases
in the indexes for pets, pet products and services and for video and audio-
-up 0.6 and 0.2 percent, respectively–were offset by decreases in most
other recreation categories. The index for admissions to movies,
theaters, concerts, and sporting events declined 1.1 percent.
The index for education and communication, which advanced 0.6 percent
in May, was virtually unchanged in June. Educational costs rose 0.2
percent and the index for communication costs decreased 0.2 percent.
Within the communication group, the index for information and information
processing declined 0.3 percent; the indexes for personal computers and
peripheral equipment and for internet services and electronic information
providers declined 2.7 and 1.2 percent, respectively.
The index for other goods and services increased 0.3 percent in May.
The index for tobacco and smoking products rose 0.5 percent and has
increased 5.9 percent during the last 12 months. The index for
miscellaneous personal services rose 0.3 percent, reflecting a 1.1 percent
increase in the index for financial services.
CPI for Urban Wage Earners and Clerical Workers (CPI-W)
On a seasonally adjusted basis, the CPI for Urban Wage Earners and
Clerical Workers increased 0.1 percent in June.
Table B. Percent changes in CPI for Urban Wage Earners and Clerical
Workers (CPI-W)
Seasonally adjusted Un-
Compound adjusted
Expenditure Changes from preceding month annual rate 12-mos.
Category 2006 2007 3-mos. ended ended
Dec. Jan. Feb. Mar. Apr. May June June ‘07 June ‘07
All Items .5 .1 .4 .8 .5 .8 .1 5.6 2.7
Food & beverages -.1 .7 .8 .3 .4 .4 .5 5.2 4.1
Housing .4 .3 .4 .3 .2 .2 .2 2.4 3.4
Apparel .2 -.1 .5 -.8 -.4 -.3 -.9 -6.3 -1.7
Transportation 1.9 -1.0 .0 3.0 1.4 3.1 -.2 18.6 1.1
Medical care .1 .8 .5 .1 .4 .3 .2 3.7 4.1
Recreation -.3 .1 .0 -.1 .0 .2 -.1 .6 .1
Education and
communication .1 -.1 .3 .4 .3 .6 .0 3.4 2.2
Other goods and
services .8 1.0 .4 .2 .1 .3 .3 3.1 4.0
Special Indexes
Energy 4.3 -1.5 .8 6.2 2.6 5.8 -.7 34.7 4.7
Food -.1 .6 .8 .3 .4 .4 .5 5.3 4.1
All Items less
food and energy .1 .2 .2 .1 .2 .1 .2 1.8 2.0
Consumer Price Index data for July are scheduled for release on
Wednesday, August 15, 2007, at 8:30 A.M. (EDT).
__________________________________________________________________________________________________
Consumer Price Index Levels to Three Decimal Places
Effective with the January 2007 release of the Consumer Price Index
(CPI), the Bureau of Labor Statistics began computing percent changes
based upon three decimal place indexes rather than one decimal place
indexes. This change applied to the All Items Consumer Price Index and
all component indexes for the CPI-U, CPI-W, and C-CPI-U, for the U.S. City
Average and for all other published areas. In addition, CPI index values
were displayed to three decimal places in all paper and electronic
publications. As in the past, percent changes were rounded and displayed
to one decimal place.
The change in procedure addressed a rounding issue that resulted in
published percent changes that were 0.1 percentage point higher or lower
than the same percent changes based on unrounded index values (i.e.,
indexes to three or more decimal places). These differences were
particularly important when percent changes were very small. Publishing
the index values to three decimal places, and using these values to
compute percent changes, essentially eliminated the possibility of
rounding differences. This change only affected the presentation of the
index data. Index values continue to be calculated from underlying price
data in the same manner as in the past, and no systematic upward or
downward effect on the data was introduced. The levels of the indexes are
affected only in that they are published to three decimal places rather
than one place. Official CPI data previously published were not be
revised.
Source: Bureau of Labor Statistics
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