The Seasonally Adjusted CPI Was down 0.056% in June (after being up only 0.0057% in May)

Which is almost no change. Some news stories said the CPI was down 0.1%. They rounded 0.056 to 0.1.

See Consumer Price Index for All Urban Consumers: All Items in U.S. City Average from FRED (Federal Reserve Economic Data) compiled by the Research Division at the Federal Reserve Bank of St. Louis for data on the seasonally adjusted CPI.

That site shows a graph but if you click on the Download button you will get the actual numbers in Microsoft Excel.

The Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL) was 313.049 in June and 313.225 in May. Since 313.049/313.225 = .9994, that means it was down 0.056% in June (since 1 - .9994 = .00056 which is 0.056% after you move the decimal two places to the right). If we had that every month for 12 months it would be down 0.68%. Which is also basically no change.

The last monthly decrease before now was the -0.006% change in July 2022.

It was 304.003 in June 2023. Since 313.049/304.003 = 1.03, that means it was up 3% over the last 12 months.

The non-seasonally adjusted CPI was 314.175 in June and 305.109 in June 2023. That was up 3%. So pretty close to the seasonally adjusted CPI. This is still above the Fed's target of 2.0% (although they prefer to use the Personal Consumption Expenditures Price Index which was 2.6% higher in May 2024 than May 2023).

For more information, see Inflation falls 0.1% in June from prior month, helping case for lower rates by Jeff Cox of CNBC (I wish that headline had said the CPI falls 0.1%, which is not the same thing as saying inflation falls 0.1%-If inflation fell 0.1% it would just mean that the rate of increase in prices was 0.1% lower than the previous month-prices still increased but not as much-in June prices actually fell). Excerpts:

"The monthly inflation rate dipped in June for the first time in more than four years, providing further cover for the Federal Reserve to start lowering interest rates later this year. [not sure why he says the first time in 4 years since the FRED site shows the CPI fell in July 2022-and, again, I wish he had said the CPI dipped not the inflation rate]

The consumer price index, a broad measure of costs for goods and services across the U.S. economy, declined 0.1% from May, putting the 12-month rate at 3%, around its lowest level in more than three years, the Labor Department reported Thursday. The all-items index rate fell from 3.3% in May, when it was flat on a monthly basis.

This was the first time since May 2020 that the monthly rate showed a decrease.

Excluding volatile food and energy costs, so-called core CPI increased 0.1% monthly and 3.3% from a year ago, compared with respective forecasts for 0.2% and 3.4%, according to the report from the Bureau of Labor Statistics.

The annual increase for the core rate was the smallest since April 2021."

The article also discusses what is going up and what is going on. There is a graph of the monthly year-over-year percent change in prices and core prices going back almost 3 years.

Other related links:

Consumer Price Index Data from 1913 to 2023

Personal Consumption Expenditures Price Index 

The Bureau of Labor Statistics makes seasonal adjustments. See Consumer Price Index Summary.