The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally
adjusted basis, after increasing 0.2 percent in July, the U.S. Bureau of Labor Statistics reported
today. Over the last 12 months, the all items index increased 3.7 percent 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 percent in
August as all the major energy component indexes increased. The food index increased 0.2 percent in
August, as it did in July. The index for food at home increased 0.2 percent over the month while the
index for food away from home rose 0.3 percent in August.The index for all items less food and energy rose 0.3 percent in August, following a 0.2-percent
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 percent for the 12 months ending August, a larger increase than the
3.2-percent increase for the 12 months ending in July. The all items less food and energy index rose
4.3 percent over the last 12 months. The energy index decreased 3.6 percent for the 12 months ending
August, and the food index increased 4.3 percent over the last year.emphasis added
CPI and core CPI were close to expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.