Consumer prices in the South region rose slightly in July, according to data released by the U.S. Bureau of Labor Statistics. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent over the month. The index for all items less food and energy also went up by 0.1 percent.
Food prices saw a 0.3 percent increase in July, while energy prices edged up by 0.1 percent. Over the past year, consumer prices in the South climbed 2.3 percent, matching the annual increase reported for June.
The report showed that food at home and food away from home each rose 0.3 percent during July. Five out of six major grocery store food group indexes posted increases, with meats, poultry, fish, and eggs rising by 1.0 percent.
Over the last twelve months, food prices increased by 2.8 percent overall; restaurant and cafeteria meals were up 3.9 percent, while grocery store purchases rose by 2.0 percent.
Energy costs presented a mixed picture: although there was a slight monthly rise of 0.1 percent—driven mainly by a 0.5-percent gain in natural gas—the overall energy index fell by 3.4 percent compared to last year due to an 11.6-percent drop in gasoline prices over that period. Electricity costs rose by 5.2 percent annually and natural gas jumped by 10.5 percent.
For all items excluding food and energy, there was a modest monthly increase of 0.1 percent in July; shelter costs contributed with a rise of 0.2 percent and owners’ equivalent rent grew by 0.3 percent for the month.
Used cars and trucks saw their index climb by 0.8 percent in July while apparel declined by 1.8 percent over the same period.
Year-over-year data showed that shelter costs have gone up by 3.4 percent since last July; owners’ equivalent rent has risen even more sharply at a rate of 3.8 percent.
The next update on consumer price changes for August is scheduled for release on September 11, at which time further details will be available from the Bureau’s data tools or historical tables accessible through its website.
The CPI measures average price changes over time based on a fixed basket of goods and services; regional indexes such as those covering Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia are published monthly as part of this program.
