The Sconi

The latest Consumer Price Index (CPI) numbers are out for the month of July, and although the reported inflation number is slightly lower than June, the indexes for some categories increased.

Among the increases in inflation for July, were food and shelter–two large components of most Wisconsinites' median household budget.

On Wednesday, the Bureau of Labor Statistics (BLS) released the CPI data for the 12 months ending July 2022. The data showed an 8.5% all items annual increase, which represents a 0.6% drop from June. 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 a tweet Wednesday. “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 account for 46.8% of the median household budget American families, 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, which is 8% of the budget.

The index for food climbed 1.1% in the last month and 10.9% in the last year, according to the CPI. The index for shelter climbed 0.5% in the last month and 5.7% in the last year. The index for electricity climbed 1.6% in the last month and 15.2% in the last year

The high price of groceries is a common concern for many Americans. In July, the food at home index did not slow down. It rose 13.1% over the last 12 months, representing the largest 12-month increase since the period ending March 1979.

According to 247wallst.com, the average housing cost in Wisconsin ranges from $636 to $1,115 per month. The average monthly (non-restaurant) food cost in the state is around $248 per person.