Consumer prices in the South region rose slightly in July, according to data released by the U.S. Bureau of Labor Statistics. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent for the month. Prices for all items excluding food and energy also climbed 0.1 percent.
Food prices in the region were up 0.3 percent in July, with both grocery store and restaurant purchases seeing similar increases. Within groceries, meats, poultry, fish, and eggs showed a notable rise of 1.0 percent over the month.
Over the past year, overall consumer prices in the South rose 2.3 percent, matching the increase reported for the previous 12-month period ending in June. The index for all items less food and energy advanced 2.8 percent during this time frame. Food prices increased 2.8 percent year-over-year; food away from home went up by 3.9 percent while food at home was higher by 2.0 percent.
Energy prices edged up by 0.1 percent last month but have fallen by 3.4 percent over the past year. Gasoline costs dropped sharply—down 11.6 percent compared to July last year—while electricity was up by 5.2 percent and natural gas jumped by 10.5 percent.
The shelter index rose by 0.2 percent during July due partly to a rise of 0.3 percent in owners’ equivalent rent—a measure that estimates how much homeowners would pay if they were renting their homes on the open market—and used cars and trucks saw an increase of 0.8 percent over the month; apparel prices fell by 1.8 percent.
For the past twelve months, shelter costs increased by 3.4 percent and owners’ equivalent rent climbed by 3.8 percent.
“The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services,” according to information provided with this release from the Bureau of Labor Statistics.
The next update on consumer prices for August is scheduled for release on September 11, at 8:30 a.m., Eastern Time.
The South region covered by this report includes Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
