July CPI
Updated: 12-Aug-25 09:28 ET



Highlights
  • Total CPI increased 0.2% month-over-month, as expected. Core CPI, which excludes food and energy, rose 0.3% month-over-month, also as expected.
  • Those readings left CPI up 2.7% year-over-year, unchanged from June, and core CPI up 3.1% year-over-year, up from 2.9% in June.
Key Factors
  • The food index was flat month-over-month and was up 2.9% year-over-year.
  • The energy index was down 1.1% month-over-month and was down 1.6% year-over-year.
  • The shelter index increased 0.2% month-over-month and was up 3.7% year-over-year.
  • The services index was up 3.8% year-over-year (services less rent of shelter was up 4.0% year-over-year).
  • The household furnishings and supplies index increased 0.7% month-over-month following a 1.0% increase in June.
  • The used cars and trucks index jumped 0.5% month-over-month following a 0.7% decline in June.
  • The footwear index rose +1.4% month-over-month following a 0.7% increase in June.
  • The jewelry and watches index increased 0.8% month-over-month following a 0.1% decline in June.
  • The video and audio products index increased 0.8% month-over-month following a 1.1% increase in June.
Big Picture
  • The key takeaway from the report lurks in the details. The headline readings look good, yet there are enough component indexes exhibiting tariff-induced inflation pressures (i.e., large month-over-month changes) that one can't walk away with an "all-clear" inflation signal from this report. It seems doubtful that all Fed officials will, given the 3.1% year-over-year reading for core CPI.
Category JUL JUN MAY APR MAR
All Items 0.2% 0.3% 0.1% 0.2% -0.1%
Food and Beverages 0.0% 0.3% 0.3% -0.1% 0.4%
Housing 0.2% 0.3% 0.3% 0.5% 0.3%
Equivalent Rent 0.3% 0.3% 0.3% 0.4% 0.4%
Apparel 0.1% 0.4% -0.4% -0.2% 0.4%
Transportation 0.0% 0.1% -0.7% 0.0% -1.8%
Vehicles 0.1% -0.4% -0.3% 0.0% -0.3%
Motor Fuel -2.2% 1.0% -2.6% -0.1% -6.3%
Medical Care 0.7% 0.5% 0.3% 0.5% 0.2%
Educ and Commun 0.0% 0.1% 0.1% -0.1% 0.3%
Special Indices




Core 0.3% 0.2% 0.1% 0.2% 0.1%
Energy -1.1% 0.9% -1.0% 0.7% -2.4%
Services 0.3% 0.3% 0.2% 0.4% 0.2%
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