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June 2024 Consumer Price Index Update: What You Need to Know

### June 2024 Consumer Price Index Update: What You Need to Know


The U.S. Bureau of Labor Statistics (BLS) has released the latest Consumer Price Index (CPI) report for June 2024. Here are the key takeaways and what they mean for you:


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#### 📉 June 2024 CPI Highlights


- **Overall CPI:** Declined by 0.1% in June on a seasonally adjusted basis, following no change in May.

- **Annual Increase:** The all items index increased by 3.0% over the last 12 months, before seasonal adjustment.


#### 🛢️ Gasoline and Energy Prices


- **Gasoline:** Prices fell by 3.8% in June, following a 3.6% decline in May.

- **Energy Index:** Dropped by 2.0% for the month, mirroring the previous month's decline.


#### 🍽️ Food Prices


- **Overall Food Index:** Increased by 0.2% in June.

- **Food Away from Home:** Rose by 0.4%.

- **Food at Home:** Increased by 0.1%.


#### 🏠 Other Notable Changes


- **Shelter Costs:** Saw an increase.

- **Rising Indexes:** Motor vehicle insurance, household furnishings, medical care, and personal care.

- **Decreasing Indexes:** Airline fares, used cars and trucks, and communication.


#### 📊 Annual Changes


- **All Items Index:** Up by 3.0% over the last 12 months.

- **All Items Less Food and Energy Index:** Increased by 3.3%, marking the smallest 12-month increase since April 2021.

- **Energy Index:** Up by 1.0% over the last year.

- **Food Index:** Rose by 2.2% over the last year.


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#### Important Note


This release was reissued on July 11, 2024, due to an inadvertent publication error. The BLS had initially published incorrect data for inpatient hospital services. These figures have since been removed from the report.


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### What Does This Mean for You?


Understanding these changes is crucial for managing your finances. The decline in the CPI suggests a slight easing in price pressures, but the overall annual increase means that prices are still rising compared to last year.


**📌 Tips for Navigating These Changes:**


1. **Review Your Budget:** Adjust for rising costs in essential areas like food and shelter.

2. **Energy Efficiency:** Implement practices to reduce energy usage and costs.

3. **Smart Shopping:** Look for discounts and consider bulk buying for better savings.


### Stay Informed and Get Professional Advice


Keeping up with economic trends like the CPI can help you make informed financial decisions. For personalized financial advice and strategies to manage the impact of inflation, feel free to contact me. Let’s work together to ensure your financial health remains strong.


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