Consumer price index unchanged in June, industrial production rebounds
Consumer prices saw a decline in energy in June, and the consumer price index was unchanged after falling in May (0.3 percent). Energy declined 1.4 percent after a sharp decline in May (4.3 percent). Food prices gained 0.2 percent after remaining unchanged in May and Gasoline fell 2.0 percent after a steep drop the month prior (6.8 percent). The index for medical care posted its largest increase since 2010, and apparel and recreation both also saw large increases in their index. Overall CPI inflation held steady year-over year in June (1.7 percent).
Industrial production is up 0.4 percent in June after seeing a decline in May (0.2 percent). Analysts had forecasted a 0.3 increase. Major gains were seen by manufacturing (up 0.7 percent) after falling 0.7 percent in May. Motor vehicles saw the highest gains in manufacturing, up 1.9 percent after a sharp decline in May (2.2 percent). Overall, manufacturing had a better than expected June.