Area prices rose 0.1 percent in June, up 2.5 percent over the year

KANSAS CITY – Prices in the Midwest Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.1 percent in June, the U.S. Bureau of Labor Statistics reported today.

 

The June increase was mainly influenced by a 0.2 percent rise in the all items less food and energy index, with higher prices for owners’ equivalent rent contributing most to the increase. The food index rose 0.1 percent, while the energy index was unchanged for June. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U increased 2.5 percent. (See chart 1.)

 

 

The index for all items less food and energy rose 2.9 percent over the year, and food prices increased 1.7 percent. Energy prices declined by 0.8 percent, primarily due to falling gasoline prices.

 

Food

Food prices rose 0.1 percent for the month of June. Prices for food away from home (restaurant, cafeteria, and vending purchases) increased 0.2 percent, while prices for food at home (grocery store prices) advanced by 0.1 percent for the same period. Within the index for food at home, other food at home and dairy and related products both contributed to the June increase, advancing 0.4 percent and 0.7 percent respectively. A decline in prices paid for fruits and vegetables (-0.6 percent) almost entirely offsetting the rise for grocery store prices in June.

 

The food index rose 1.7 percent over the year, largely due to an advance in prices for food away from home (+3.2 percent). The index for food at home increased 0.8 percent, led by a 3.7 percent rise in the index for nonalcoholic beverages and beverage materials.

 

Energy

Energy prices were unchanged for the month of June. Prices paid for electricity (+2.0 percent) and natural gas service (+4.5 percent) were entirely offset by a decline in gasoline prices (-2.2 percent) in June.

 

From June 2023 to June 2024, energy prices fell 0.8 percent, primarily due to lower prices for gasoline (-3.4 percent). Rising prices for electricity (+1.1 percent) and natural gas service (+2.1 percent) somewhat offset the decline.

 

All items less food and energy

The index for all items less food and energy rose 0.2 percent in June. Components contributing most to the increase were owners’ equivalent rent (+0.4 percent) and household furnishings and operations (+0.8 percent). Declining prices for apparel (-2.1 percent), public transportation, and recreation (-0.3 percent) partially offset increases in the index.

 

Over the year, the index for all items less food and energy rose 2.9 percent. The indexes for owners’ equivalent rent of residence (+6.2 percent), rent of primary residence (+5.9 percent), and other goods and services (+6.9 percent) contributed most to the increase. Falling prices for used cars and trucks (-9.4 percent) and household furnishings and operations (-2.2 percent) slightly offset the rise.