The latest Consumer Price Index (CPI) numbers are out for July, and although the reported inflation number is marginally lower than last month, the indexes for some crucial categories increased.
Among the increases in inflation for July, were food and shelter, two large components of the median household budget for Nevada residents.
The Bureau of Labor Statistics (BLS) released on Aug. 10 the Consumer Price Index (CPI) data for the 12 months ending July 2022. The data showed an 8.5% all-items annual increase, a 0.6% drop from the previous month. Some of the largest contributors were increases in the index for food, shelter and electricity.
“Inflation is a tax on all Americans,” House Republicans said in an Aug. 10 Twitter post. “In July gasoline was up 44.0%, electricity was up 15.2%, food at home was up 13.1%, new cars were up 0.4%, transportation was up 9.2%, food away from home was up 7.6%, used cars were up 6.6% and shelter was up 5.7%.”
Food and shelter are among the largest parts of the median household budget, making up 46.8% of the total, according to The Ascent. Shelter is the highest average cost at $1,784 per month, and is 35% of the average budget. Americans spend around $610 on food per month, 8% of the budget.
The index for food climbed 1.1% in July and 10.9% in the past year. The index for shelter climbed 0.5% in the past month and 5.7% in the past year. The index for electricity climbed 1.6% in July and 15.2% in the previous year
The high price of groceries is a common concern for many Americans. Last month the food at home index did not slow down but rose 13.1% over the past 12 months, representing the largest 12-month increase since the period ending March 1979.
The average housing cost in Nevada ranges from $677 to $1,892 per month, a 24/7 Wall St. report said. The average monthly (non-restaurant) food cost in the state is around $270 per person.
