Energy costs fueled June price increases
07/16/2013 10:03 AM
07/16/2013 10:04 AM
The consumer price index for Midwest urban consumers jumped 2.2 percent from June 2012 and to June 2013.
A 0.3 percent rise in prices in June contributed to the annual increase, the U.S. Bureau of Labor Statistics said Tuesday. The monthly increase was largely because of higher energy, food and housing costs.
Energy prices leaped 7 percent over the 12 months, including a 2.3 percent jump in June. Most of the increase was due to a seasonal rate shift in electricity costs, which vaulted 7.2 percent in the month.
Meanwhile, motor fuel prices rose 0.8 percent, and utility gas service was up 0.6 percent in the month.
The Midwest food price index rose 1.4 percent over the 12 months and 0.3 percent in June, while other prices changed little. The cost of food eaten away from home, as in restaurants, grew 2.8 percent over the year, compared to a 0.6 percent change in the cost of food eaten at home.
“A 7.2 percent gain in motor fuel prices and an 18 percent rise in utility (piped) gas service costs were largely responsible for the over-the-year advance,” the bureau reported.
Excluding food and energy, the Midwest price index moved just 0.1 percent last month.
The consumer price index, based on a sample market basket of goods and services, stood at 223.775 in June 2013, the bureau said. That compares to a value of 100 in the 1982-1984 base period.
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