National, Midwest CPIs flat in July

The monthly decline was largely attributable to lower prices for motor fuel, according to a BLS news release. The energy index, which includes motor fuel and household fuels, decreased 3.9 percent during the month, and food prices were unchanged.

Annualized, the Midwest CPI rose 1.8 percent from July 2012 to July 2013. Food prices were up 1.4 percent and the energy index advanced 3.5 percent during the past year.

The CPI – which calculates 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 $222.90 in the Midwest last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas.

Nationwide, the CPI increased 0.2 percent in July, and during the last 12 months, the all-items index increased 2 percent before seasonal adjustment, coming in at an index level of 233.6.

During the past year, nationwide gasoline prices are up 5.2 percent; electricity, 3.1 percent; shelter, 2.3 percent; medical care services, 2.6 percent; and used car and truck prices are down 2.1 percent, all not seasonally adjusted, according to the BLS.