Housing group records highest jump in 2nd quarter CPI
The Housing Group recorded the “highest percent increase” at 3.0 percent, in the second quarter of the year, according to the Commerce Department’s Consumer Price Index (CPI) covering the second quarter, April - June 2012.
The report attributes the hike to the high cost of repair of kitchen appliances, construction materials and LP gas.
The CPI shows the Food Group increasing by 2.2% due to the high cost of peanut butter, turkey tails, lamb necks, pigs feet, salt beef, mackerel, sardines and lettuce.
Recreation Group also increased 2.3%, due to the high cost of cable TV, radio, pet food and DVD blanks.
Other groups - Apparel, Medical Care, Education, Transportation, and Other Goods - all recorded slight increases, according to the report.
Only the Alcoholic & Beverages group decreased — by 3.8% — due to the low cost of beer and rum, states the report
The annual rate of inflation for the second quarter registered at 4.8%.
Information of interest from the report shows the average for unleaded gasoline in the second quarter was $4.55 per gallon compared to $4.32 in the first quarter (January to March); a bag of turkey tails in the second quarter was $1.11 a pound, up from 99 cents in the first quarter; a 40 pound bag of rice hiked to $19.78 in the second quarter from $13.07 in the first quarter.
Electricity costs stayed at 41 cents for 300 kWh in the first and second quarters.
Specific details of the CPI report are available at the Commerce Department. The CPI report for the third quarter should be released soon.