CPI Rises in August

By Staff Writer September 13, 2022 124

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported Sept. 13. Over the last 12 months, the all-items index increased 8.3% before seasonal adjustment.

Increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6% decline in the gasoline index.

The food index continued to rise, increasing 0.8% over the month as the food at home index rose 0.7%. The energy index fell 5.0% over the month as the gasoline index declined, but the electricity and natural gas indexes increased.

The index for all items less food and energy rose 0.6% in August, a larger increase than in July. The indexes for shelter, medical care, household furnishings and operations, new vehicles, motor vehicle insurance, and education were among those that increased over the month. There were some indexes that declined in August, including those for airline fares, communication, and used cars and trucks.

The all items index increased 8.3% for the 12 months ending August, a smaller figure than the 8.5% increase for the period ending July. The all-items less food and energy index rose 6.3% over the last 12 months. The energy index increased 23.8 % for the 12 months ending August, a smaller increase than the 32.9% increase for the period ending July.

The food index increased 11.4% over the last year, the largest 12-month increase since the period ending May 1979.

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Last modified on Wednesday, 14 September 2022 00:06