June Consumer Inflation Fell Sharply to 3% Year-Over-Year - Modern Distribution Management

June Consumer Inflation Fell Sharply to 3% Year-Over-Year

The core June inflation index was up 4.8%, down from May’s 5.3%, and was a bigger decrease than expected.
Consumer Price Index

On July 12, the Labor Department said the Consumer-Price Index climbed 3% in June compared with a year earlier, its slowest pace in more than two years, according to federal data and media reports.

June’s year-over-year inflation mark came in at just one-third of last summer’s roughly 9% peak, when the price of gasoline reached record average of $5 per gallon, according to a Wall Street Journal analysis. 

“The news may give some Americans relief from a continued period of increasing prices but remaining strong enough to leave the Federal Reserve on course to keep raising interest rates,” the WSJ reported.

The core June inflation index was up 4.8%, down from May’s 5.3% and was a bigger decrease than expected. The June rate declined from 4% in May, and it was March 2021 the last time inflation was this close to just 3%.

The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70% of the increase, with the index for motor vehicle insurance also contributing, the Labor Department said.

The food index increased 0.1% in June after increasing 0.2% in May. The index for food at home was unchanged over the month while the index for food away from home rose 0.4% in June.

The energy index rose 0.6% in June, as the major energy component indexes were mixed. The index for all items less food and energy rose 0.2% in June, the smallest one-month increase in that index since August 2021, according to the data.

Indexes which increased in June included:

  • Shelter
  • Motor vehicle insurance
  • Apparel
  • Recreation
  • Personal care

The indexes for airline fares, communication, used cars and trucks and household furnishings and operations were among those that decreased in June.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.