US Consumer Price Index Rises 3.4% Year-Over-Year in August

On Friday, the US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in August on a seasonally adjusted basis, following a 0.1% increase in July. Over the past 12 months, the all-items index increased 3.4% before seasonal adjustment.

The gasoline index rose 3.9% in August, accounting for more than one-third of the monthly all-items increase. Energy prices increased 2.1%, while shelter rose 0.3%. The food index increased 0.1%, with food away from home up 0.3%.

The index for all items less food and energy rose 0.3% in August, following a 0.2% increase in July. Monthly increases were recorded for communication, lodging away from home, airline fares, education, and used cars and trucks. Medical care and motor vehicle insurance were among the major indexes that declined.

Year-over-year, the all-items index rose 3.4% in August, unchanged from the 12-month increase in July. The index for all items less food and energy rose 2.4%, following a 2.5% increase in July. The energy index increased 16.3%, while the food index advanced 2.7%.