Falling Energy Costs Help Keep Prices Steady
The rate of inflation remained unchanged in June, thanks to a decline in energy costs which offset rising prices for food and other goods, according to the U.S. government's Consumer Price Index (CPI).
The national energy index fell 1.4 percent as gasoline dropped prices for the third month in a row. They declined 2 percent from May, and the fuel oil index dropped 7.9 percent. Electricity also fell 0.5 percent, but the natural gas index was up 1.7 percent.
The biggest rise was in the medical services index, which rose 0.7 percent, its fourth consecutive increase and its largest since 2010. Behind medical services was apparel, which rose 0.5 percent. The food index increased 0.2 percent after being unchanged last month. The index for all other items rose 0.2 percent in June, the fourth consecutive increase.
The 12-month change in the index for all items was 1.7 percent, the same as in May. The energy index declined 3.9 percent over the last 12 months, while the food index rose 2.7 percent. The index for all other items rose 2.2 percent during that period, a slight decline from 2.3 percent in May.
In New England, the gasoline index dropped 5.9 percent from June 2011 while the energy services index fell 5.5 percent. Meanwhile, household energy fell 5.8 percent. Year-over-year, the biggest increases for the region were in apparel and medical services, rising 3.6 and 3.7 percent, respectively.
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