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Thursday, May 24, 2012

Consumer prices in Chicago area fall in July

Updated: November 3, 2011 10:27AM



Consumer prices in the Chicago metropolitan area fell 0.4 percent in July from June as energy prices dropped, the Labor Department said Thursday.

Excluding food and energy, prices were also down 0.4 percent.

But year-over-year, prices across the board rose 3.2 percent amid a 17.8 percent spike in energy costs. Excluding food and energy, prices rose 1.6 percent from a year earlier.

Food prices were unchanged from June, but rose 3.5 percent from July 2010.

Energy prices fell 1 percent from June as gasoline prices dropped 4.2 percent. Gas prices were 37.3 percent higher than a year earlier.

The biggest price declines since June were in education and communication, down 3.8 percent; apparel, down 2.6 percent; and transportation, down 1.7 percent.

Housing costs rose 0.5 percent.

Year-over-year, the biggest price increase behind energy was in transportation, up 12.4 percent.

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