The Consumer Price Index (CPI) of all items rose only 0.1 percent from one month ago, and 2 percent from one year ago.
Economists factor the CPI by comparing prices of goods and services over a period of time – by the month and by the year. Changes in the indexes are used to assess price changes affiliated with the cost of living.
The CPI provides information about price changes in the nation’s economy to government, business, labor and private citizens and is used by them as a guide to making economic decisions. In addition, the president, Congress and the Federal Reserve Board use trends in the CPI to aid in formulating fiscal and monetary policies.
Large increases denote times of inflation, and large decreases denote times of deflation.
The all-items CPI posted its smallest seasonally adjusted increase since February. The indexes for food and shelter increased, but were partially offset by declines in the energy index and the index for airline fares.
The food index rose 0.4 percent in July. The decrease in the energy index was its first since March and featured declines in the indexes of all the major energy components.
The greatest change was the price for apparel, which was -2.9 percent lower than one month ago. Year over year, the price of medical care increased 2.7 percent.
In Colorado Springs, the unemployment rate declined from 8.7 in June 20123 to 6.7 in June of this year.