Midwest consumer prices drop for 7th straight month

The Midwest Consumer Price Index dropped 0.5 percent in July compared to the same month in 2014, representing the seventh consecutive month of year-to-year decreases.

The overall index landed at 225.85, which was down slightly from June, according to a U.S. Bureau of Labor Statistics news release.

The CPI – which reflects price changes for energy, food and all other items – is measured in comparison to a base period of 1982-84. A typical market basket of goods and services that cost $100 in 1982-84 cost $225.85 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas, according to the BLS.

Dropped by 15.6 percent, energy prices contributed the most to the yearly price fall, according to the release.

Within the index, motor fuel prices dropped 23 percent compared to July 2014, piped utility gas service costs moved down 20.8 percent and electricity prices rose 1.5 percent.

The food index increased 1.4 percent in July, led by a 3.2 percent bump in the costs for food away from home. Prices for food at home ticked up 0.3 percent from the same month last year, according to the release.

The index for all other items increased 1.2, led by shelter, up 2.3 percent, and medical care services, 1.9 percent.