KANSAS CITY – Prices in the Midwest Region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.5 percent in July, the U.S. Bureau of Labor Statistics reported today.
The July increase was influenced by a 0.4-percent rise in the all items less food and energy index, with higher prices for owners’ equivalent rent contributing most to the increase. The energy index and food index both rose, 1.5 percent and 0.5 percent, respectively. (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 was up 2.7 percent. (See chart 1.) The index for all items less food and energy increased 2.9 percent over the year, the food index rose 1.8 percent, and the energy index advanced 2.0 percent.
Food
Food prices rose 0.5 percent for the month of July. The index for food at home (grocery store prices) increased 0.5 percent, and prices for food away from home (restaurant, cafeteria, and vending purchases) advanced 0.4 percent for the same period. Within the index for food at home, meats, poultry, fish and eggs prices contributed most to the increase, advancing 2.0 percent.
The food index rose 1.8 percent over the year, largely due to an advance in the food away from home index, which was up 3.4 percent. Prices for food at home increased 0.8 percent since a year ago, with a 2.0-percent rise in meats, poultry, fish and eggs contributing most to the grocery store item advances.
Energy
The energy index increased 1.5 percent over the month, largely due to higher prices for gasoline (+2.1 percent). The indexes for electricity and natural gas service both advanced, 0.6 percent, and 1.5 percent, respectively, for the same period.
From July 2023 to July 2024, energy prices rose 2.0 percent, mainly due to higher prices for gasoline (+0.9 percent). The index for electricity was up 2.9 percent, and the index for natural gas service advanced 2.4 percent during the past year.
All items less food and energy
The index for all items less food and energy advanced 0.4 percent in July. Higher prices for shelter (+0.6 percent), recreation (+1.6 percent), and household furnishings and operations (+0.8 percent) were partially offset by lower prices for public transportation, used cars and trucks (-1.0 percent), and apparel (-0.4 percent).
Over the year, the index for all items less food and energy increased 2.9 percent. Components contributing most to the rise included owners’ equivalent rent of residences (+5.9 percent), rent of primary residence (+6.0 percent), other goods and services (+6.7 percent), and medical care services (+2.6 percent). Partly offsetting the advances were price declines in used cars and trucks (-10.4 percent), lodging away from home, and household furnishings and operations (-1.3 percent).