Prices rose in all major components in the 12 months to June, with the shelter index and the household operations, furnishings and equipment index contributing the most to the year-over-year gain in consumer prices.

The shelter index rose 1.6% in the 12 months to June, after increasing 1.4% in May. This acceleration was partly attributable to the homeowners' replacement cost index, which was up more year over year in June (+3.5%) than in May (+2.7%). Additionally, fuel oil prices were down less on a year-over-year basis in June (-13.2%) compared with May (-17.3%). The natural gas index posted a larger decline in the 12 months to June than in the previous month.

Food prices were up 1.3% year over year in June, following a 1.8% gain in May. Prices for food purchased from stores rose 0.8% in the 12 months to June, as the fresh or frozen beef index (-3.3%) registered its first year-over-year decrease since August 2010. Consumers paid 2.1% less for dairy products in June compared with the same month a year earlier. Prices for food purchased from restaurants advanced 2.6% on a year-over-year basis in June, matching the rise in May.