Consumer prices in the South region rose slightly in July, according to new data from the U.S. Bureau of Labor Statistics. The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.1 percent during the month.
The index for all items excluding food and energy also recorded a 0.1 percent increase over July. Food prices were up by 0.3 percent, while energy prices edged higher by 0.1 percent.
Over the past year, consumer prices in the South climbed 2.3 percent, matching the annual change reported in June. The index for all items less food and energy saw a larger increase of 2.8 percent over the last twelve months.
Food costs continued to rise both at home and away from home, with each category increasing by 0.3 percent in July. Five out of six major grocery store food group indexes registered gains, including a one-percent rise for meats, poultry, fish, and eggs.
For the year ending in July, overall food prices increased by 2.8 percent across the region. Prices for dining out grew faster at 3.9 percent compared to a two-percent rise for groceries purchased at stores.
Energy prices remained mixed; natural gas was up by half a percentage point during July while electricity and gasoline showed no change on a monthly basis. However, looking back over twelve months, energy costs fell by 3.4 percent overall—driven largely by an 11.6-percent drop in gasoline prices—while electricity rose by 5.2 percent and natural gas surged by 10.5 percent.
Shelter costs contributed to inflation as well: “The shelter index rose 0.2 percent over the month, due in part to the 0.3-percent increase in the owners’ equivalent rent index.” Used car and truck prices increased notably (+0.8 percent), whereas apparel posted a decline (-1.8 percent).
Annual figures show that shelter expenses are up significantly: “The shelter index increased 3.4 percent over the last year.” Owners’ equivalent rent rose even more sharply at 3.8 percent since last July.
The next release of regional consumer price data is scheduled for September 11, when August’s figures will be published at 8:30 a.m., Eastern Time.
According to BLS guidance, “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.” The South region includes Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia.
