Updated: 22-Jul-25 18:05 ET
Highlights
- Total CPI was up 0.3% month-over-month in June (Briefing.com consensus: 0.2%) following a 0.1% increase in May. That left total CPI up 2.7% year-over-year, versus 2.4% in May.
- Core CPI, which excludes food and energy, was up 0.2% month-over-month (Briefing.com consensus: 0.3%) following a 0.1% increase in May. That left core CPI up 2.9% year-over-year, versus 2.8% in May.
- There were some positive inflation readings, like shelter moderating to a 0.2% m/m increase from 0.3%, and new vehicle prices sliding 0.3% for the second straight month. However, there were some tariff distractions, so to speak, with apparel prices up 0.4% after being down 0.4% in May, and household furnishings and supplies prices rising 1.0% following a 0.3% increase in May.
- The food index increased 0.3% month-over-month and was up 3.0% year-over-year.
- The energy index increased 0.9% month-over-month and was down 0.8% year-over-year.
- The shelter index increased 0.2% month-over-month and was up 3.8% year-over-year.
- The used cars and trucks index decreased 0.7% month-over-month and was up 2.8% year-over-year.
- The apparel index increased 0.4% month-over-month and was down 0.5% year-over-year.
- The services index was up 3.8% year-over-year (services less rent of shelter were up 3.8%).
- The all items index less shelter was up 2.0% year-over-year.
- The key takeaway from the report is that it will keep the Fed in its wait-and-see mode, not yet convinced that tariffs won't drive up inflation.
| Category | JUN | MAY | APR | MAR | FEB |
| All Items | 0.3% | 0.1% | 0.2% | -0.1% | 0.2% |
| Food and Beverages | 0.3% | 0.3% | -0.1% | 0.4% | 0.2% |
| Housing | 0.3% | 0.3% | 0.5% | 0.3% | 0.4% |
| Equivalent Rent | 0.3% | 0.3% | 0.4% | 0.4% | 0.3% |
| Apparel | 0.4% | -0.4% | -0.2% | 0.4% | 0.6% |
| Transportation | 0.1% | -0.7% | 0.0% | -1.8% | -0.4% |
| Vehicles | -0.4% | -0.3% | 0.0% | -0.3% | 0.1% |
| Motor Fuel | 1.0% | -2.6% | -0.1% | -6.3% | -1.0% |
| Medical Care | 0.5% | 0.3% | 0.5% | 0.2% | 0.3% |
| Educ and Commun | 0.1% | 0.1% | -0.1% | 0.3% | 0.2% |
| Special Indices | |||||
| Core | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% |
| Energy | 0.9% | -1.0% | 0.7% | -2.4% | 0.2% |
| Services | 0.3% | 0.2% | 0.4% | 0.2% | 0.3% |
