Consumer Price Index Increases 0.6% in August; All-Item Index Up 3.7% Year-Over-Year

The US Bureau of Labor Statistics reported on Wednesday (9-13-23) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in August, on a seasonally adjusted basis, after increasing 0.2% in both July and June. Over the past 12 months, the all-items index has increased 3.7% before seasonal adjustment.

According to the BLS, the index for gasoline was the largest contributor to the monthly all items increase, accounting for more than half of the increase. Also contributing to the August monthly increase was the continued advancement in the shelter index, which has risen for the 40th month in a row. The energy index climbed 5.6% higher, as all the major energy component indices increased. The food index increased 0.2%, 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 increased 0.3%.

The index for all items less food and energy edged 0.3% higher in August, following a 0.2% increase in July. Other indexes that increased in August included rent, owner’s equivalent rent, motor vehicle insurance, medical care, and personal care. On the other hand, indexes for lodging away from home, used cars and trucks, and recreation were among the indexes that experienced decreases.

The all-items index increased 3.7% in the 12 months ending in August, a slightly 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 in August, while the food index increased 4.3% year-over-year.