Updated: 12-Jul-24 09:20 ET
| June CPI |
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| Updated: 12-Jul-24 09:20 ET |
Highlights
- Total CPI was down 0.1% month-over-month in June (Briefing.com consensus 0.1%) after no change in May.
- Core CPI, which excludes food and energy, was up 0.1% month-over-month (Briefing.com consensus 0.2%) after increasing 0.2% in May.
- On a year-over-year basis, total CPI was up 3.0%, versus 3.3% in May, while core CPI was up 3.3%, versus 3.4% in May.
Key Factors
- The food index was up 0.2% month-over-month and 2.2% year-over-year.
- The energy index was down 2.0% month-over-month and up 1.0% year-over-year.
- The shelter index was up 0.2% month-over-month and up 5.2% year-over-year.
- The all items index less shelter was up 1.8% year-over-year.
- The all items index less food, shelter, and energy was up 1.8% year-over-year.
- The services index less rent of shelter was up 4.8% year-over-year.
Big Picture
- The key takeaway from the report is that the market heard exactly what it hoped for, as CPI deflated slightly in June, contributing to additional disinflation on a year-over-year basis. The 3.0% year-over-year growth rate matched the low from 2023, which will be seen as supportive of a case for a rate cut from the FOMC.
| Category | JUN | MAY | APR | MAR | FEB |
| All Items | -0.1% | 0.0% | 0.3% | 0.4% | 0.4% |
| Food and Beverages | 0.2% | 0.1% | 0.0% | 0.1% | 0.0% |
| Housing | 0.2% | 0.3% | 0.2% | 0.4% | 0.4% |
| Equivalent Rent | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% |
| Apparel | 0.1% | -0.3% | 1.2% | 0.7% | 0.6% |
| Transportation | -1.3% | -1.1% | 0.7% | 0.8% | 1.4% |
| Vehicles | -1.0% | 0.0% | -0.8% | -0.2% | 0.6% |
| Motor Fuel | -3.8% | -3.6% | 2.8% | 1.7% | 3.8% |
| Medical Care | 0.2% | 0.5% | 0.4% | 0.5% | 0.0% |
| Educ and Commun | -0.1% | 0.0% | 0.2% | 0.0% | 0.4% |
| Special Indices | |||||
| Core | 0.1% | 0.2% | 0.3% | 0.4% | 0.4% |
| Energy | -2.0% | -2.0% | 1.1% | 1.1% | 2.3% |
| Services | 0.1% | 0.2% | 0.4% | 0.5% | 0.5% |
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