August’s 0.6% month-to-month accelerated from a 0.2% increase the previous two months, according to the latest data.
The Consumer Price Index rose 0.6% in August on a seasonally adjusted basis after increasing just 0.2% in July, the U.S. Bureau of Labor Statistics said Sept. 13.
Over the past 12 months, the all-items index increased 3.7% before seasonal adjustment, up from 3.2% in July.
The index for gasoline was the largest contributor to the monthly increase, accounting for more than 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, according to BLS data.
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% in August, following a 0.2% increase in July.
Indexes which increased in August include:
- Rent
- Owners’ equivalent rent
- Motor vehicle insurance
- Medical care
- Personal care
The indexes for lodging away from home, used cars and trucks and recreation were among those that decreased during August. 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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Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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