Inflation Rises in August

By Staff Writer September 13, 2023

The Consumer Price Index for All Urban Consumers rose 0.6% in August on a seasonally adjusted basis, after increasing 0.2% in July, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 3.7%before seasonal adjustment.

The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase. Also contributing to the August monthly increase was continued advancement in the shelter index, which rose for the 40th consecutive month. The energy index rose 5.6% in August as all the major energy component indexes increased. The food index increased 0.2% in August, as it did in July. The index for food at home increased 0.2 % over the month while the index for food away from home rose 0.3% in August.

The index for all items less food and energy rose 0.3 percent in August, following a 0.2% increase in July. Indexes which increased in August include rent, owners’ equivalent rent, motor vehicle insurance, medical care, and personal care. The indexes for lodging away from home, used cars and trucks, and recreation were among those that decreased over the month.

The all items index increased 3.7% for the 12 months ending August, a larger increase than the 3.2% increase for the 12 months ending in July. The all items less food and energy index rose 4.3% over the last 12 months. The energy index decreased 3.6% for the 12 months ending August, and the food index increased 4.3 %over the last year.

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Last modified on Friday, 15 September 2023 12:16