Briefing notes

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Highlights:

  1. Consumer prices rose 3.1% in the 12 months to June, following a 3.7% increase in May. On a non-seasonally adjusted monthly basis, consumer prices fell 0.7%, after increasing 0.7% in May.

All-items Consumer Price Index (CPI):

  1. The 0.6 percentage point difference between the year-over-year increases in the CPI posted in June and May was largely the result of lower prices for the purchase of passenger vehicles and traveller accommodation. In particular, prices for the purchase of passenger vehicles fell 3.1% in the 12 months to June, following a 0.7% increase in May. The smaller year-over-year increase in gasoline prices in June compared to May was also a factor.
  2. Prices for food purchased from stores rose 4.8% in the 12 months to June after increasing 4.2% in May.
  3. Energy prices advanced 15.7% during the 12 months to June, following a 16.6% increase in May. On a year-over-year basis, gasoline prices rose 28.5%, slightly less than the 29.5% gain in May. Prices for fuel oil and electricity also rose, while natural gas prices fell 4.6%.
  4. Excluding food and energy, the CPI increased 1.4% in the 12 months to June.
  5. On a seasonally adjusted monthly basis, consumer prices fell 0.4% from May to June, the first decrease since March 2010. The decrease follows a 0.2% gain posted the previous month. The transportation index, which includes gasoline and the purchase of passenger vehicles, declined 2.4% following a 0.1% rise in May.

Main contributors to the 12-month change in the CPI:

Main upward contributors:

  1. Gasoline (+28.5%)
  2. Food purchased from restaurants (+3.3%)
  3. Passenger vehicle insurance premiums (+4.4%)
  4. Meat (+5.9%)
  5. Cablevision and satellite services (+7.9%)

Main downward contributors:

  1. Purchase of passenger vehicles (-3.1%)
  2. Mortgage interest cost (-1.9%)
  3. Natural gas (-4.6%)
  4. Video equipment (-12.4%)
  5. Furniture (-2.9%)

Main contributors to the monthly change in the CPI, not seasonally adjusted:

Main upward contributors:

  1. Air transportation (+2.7%)
  2. Financial Services (+3.4%)
  3. Homeowners' replacement cost (+0.4%)
  4. Fresh vegetables (+2.1%)
  5. Meat (+0.7%)

Main downward contributors:

  1. Gasoline (-3.7%)
  2. Purchase of passenger vehicles (-4.7%)
  3. Women's clothing (-5.1%)
  4. Men's clothing (-4.5%)
  5. Footwear (-3.0%)
Twelve month and monthly percentage change in the most quoted indexes, not seasonally adjusted