Consumer Price Index Increases 0.1% in August; Year-Over-Year All-Item Index Up 8.3%

The US Bureau of Labor Statistics (BLS) reported on Tuesday (9-13-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in August on a seasonally adjusted basis. This follows no change in July and a rise of 1.3% in June, 1.0% in May, 0.3% in April, 1.2% in March, 0.8% in February, and 0.5% in January. Over the past 12 months, the all-item index has increased 8.3% before seasonal adjustment.

The gasoline index fell 10.6% over the month following a 7.7% decline in July. Before seasonal adjustment, gasoline prices fell 12.2% in August. However, the electricity index increased 1.5% in August, marking its fourth consecutive monthly increase of at least 1.3%. The natural gas index also increased month-over-month in August, rising 3.5% after declining 3.6% in July.

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-item index increased 8.3% for the 12 months ending in August, a smaller figure than the 8.5% increase for the period ending in 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 in August, a smaller increase than the 32.9% increase for the period ending in July. The food index increased 11.4% over the last year, the largest 12-month increase since the period ending in May 1979.