On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) fell 0.3 percent in July, its first monthly decline since April 2000.
The energy index—down 5.6 percent in July—recorded its largest drop since April 1986. The index for petroleum-based energy declined 10.3 percent and the index for energy services fell 1.0 percent. The food index, which increased 0.4 percent in June, rose 0.3 percent in July. Excluding food and energy, the CPI-U rose 0.2 percent, following a 0.3 percent increase in June.
For the 12-month period ended in July 2001, the CPI-U increased 2.7 percent.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Decrease in consumer prices in July at https://www.bls.gov/opub/ted/2001/aug/wk2/art05.htm (visited January 29, 2023).