The Consumer Price Index (CPI) rose 1.3% in the 12 months to July, after increasing 1.5% in June.
Excluding gasoline, the CPI was up 1.9% year over year in July, matching the gain in June.
Prices rose in six of the eight major components in the 12 months to July, with the shelter and food indexes contributing the most to the year-over-year gain in consumer prices. The transportation index, which includes gasoline, and the clothing and footwear index declined on a year-over-year basis in July.
The transportation index was down 0.2% in the 12 months to July, after rising 1.1% in June. Gasoline prices declined more year over year in July (-14.0%) than in June (-8.5%); on a monthly basis, gasoline prices fell 5.6% in July. On a year-over-year basis, the purchase of passenger vehicles index (+5.4%) and the city bus and subway transportation index (+2.1%) rose less in July than in June.
The clothing and footwear index decreased 0.4% year over year in July, after posting a 1.2% gain in June. This turnaround was partly attributable to a decline in the women’s clothing index in the 12 months to July (-0.4%), following a year-over-year increase in June (+2.2%). Compared with the same month a year earlier, shoppers also paid less for children’s clothing and men’s clothing in July.
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