The BLS tells us that in June “Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment. The increase was broad-based…”
https://www.bls.gov/news.release/cpi.nr0.htm
DB2
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Note WTIC during the month of June was down. The report though is YoY.
If oil continues to fall inflationary pressures are going to greatly ease. The YoY results will take time to back off.
The increase was broad-based…"
I agree in part with Leap. I know the report says “The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest,” but it goes on to say, “The index for all items less food and energy rose 0.7 percent in June, after increasing 0.6
percent in the preceding two months.”
Food at home 12%
Energy 41% (with Gas 60%, Fuel Oil 98%)
Energy Services 19% (with Electricity 14%, Natural Gas 38%)
Further, “The all items less food and energy index rose 5.9
percent over the last 12 months.” So, even if Oil should drop to $60bbl there is still higher than average inflation moving forward.
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