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Economy

Economic Data (USA)

Tuesday, July 14, 2020

Consumer Price Index (CPI) for June 2020

Earlier this morning, the Labor Department's Bureau of Labor Statistics released the Consumer Price Index (CPI) for June 2020:

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Predicted: +0.4%
Actual: +0.6%

  • Change From 12 Months Previous: +0.6%

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Below is the CPI when food and energy are removed, also known as core CPI:

Predicted: +0.1%
Actual: +0.2%

  • Change From 12 Months Previous: +1.2%

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The above, yellow-highlighted figures represent the seasonally adjusted, month-to-month change in prices for a specific group of goods and services that consumers buy, and is, therefore, a very important part of the overall inflation picture for the country.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

General categories that constitute the CPI are:

  • Healthcare
  • Housing
  • Clothing
  • Communications
  • Education
  • Transportation
  • Food and Beverages
  • Recreation
  • Miscellaneous Goods and Services (grooming expenses, etc.)

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From Today's Report:

"...The gasoline index rose sharply in June after recent declines and accounted for over half of the monthly increase in the seasonally adjusted all items index. The energy index increased 5.1 percent in June as the gasoline index rose 12.3 percent. The food index also rose in June, increasing 0.6 percent as the index for food at home continued to rise.

The index for all items less food and energy rose 0.2 percent in June, its first monthly increase since February. The index for motor vehicle insurance increased sharply in June after recent declines. The indexes for apparel, shelter, and medical care also increased in June, while the indexes for used cars and trucks, recreation, and communication all declined.

The all items index increased 0.6 percent for the 12 months ending June; this compares to a 0.1-percent increase for the 12 months ending May. The index for all items less food and energy increased 1.2 percent over the last 12 months. The food index increased 4.5 percent over the last 12 months, with the index for food at home rising 5.6 percent. Despite increasing in June, the energy index fell 12.6 percent
over the last 12 months..."

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Coronavirus (
COVID-19) Pandemic Impact on June 2020 Consumer Price Index Data

Data collection by personal visit for the Consumer Price Index (CPI) program has beenbsuspended since March 16, 2020. When possible, data normally collected by personal visit were collected either online or by phone. Additionally, data collection in June was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month. Additional information is available at www.bls.gov/covid19/effects-of-covid-19-pandemic-on-consumer-price-index.htm..."

 
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Chart: Consumer Price Index (CPI) - June 2020 Update
Chart: Consumer Price Index (CPI) - June 2020 Update

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