Washington — The U.S. Bureau of Labor Statistics’ Consumer Price Index for June 2022 increased 1.3% from May. Overall prices rose 9.1% over the past 12 months, beating economic analyst expectations of 8.8% and a signal that inflation has not abated. The overall price index increase is the largest 12-month increase since November 1981.
Price increases hit all categories including gasoline, food, shelter, used cars and trucks, medical care, motor vehicle insurance, new vehicles, apparel and household furnishings. For instance, the price of butter and margarine rose 26.3% over the past 12 months.
The index for household furnishings and operations increased 9.5% over the last 12 months. Furniture prices increased 13.1% from the prior year, according to the index.
The food at home index increased 12.2% for the 12 months ending in June, the largest 12-month increase since the period ending April 1979.
Gas rose 11.2% in June, representing a 59.9% increase over the past 12 months. The overall energy index rose 41.6% over the past year, the largest 12-month increase since the period ending March 1980.
Electricity prices increased 13.7% over the prior year, the largest 12 month increase since April 2006.
CNBC reports that the price increases diminished hopes that inflation may be peaking.