September 11, 2024
The U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2% on a seasonally adjusted basis in August, the same increase as in July. Over the past 12 months, the overall CPI-U has increased by 2.5% before seasonal adjustment, marking the smallest 12-month increase since February 2021.
In August, the shelter index experienced a 0.5% increase, being the main contributor to the rise in the all-items index. The energy index fell by 0.8% after remaining unchanged the previous month. The food index increased by 0.1% in August, slightly lower than the 0.2% increase in July. The food away from home component rose by 0.3%, while the food at home component remained unchanged.
Excluding the food and energy categories, the CPI-U for all other items climbed by 0.3% in August, compared to the 0.2% increase in July. Contributing indexes include shelter, airline fares, motor vehicle insurance, education, and apparel. Meanwhile, the indexes for used cars and trucks, household furnishings and operations, medical care, communication, and recreation saw declines during the month.
Over the 12 months ending in August, the index for all items excluding food and energy rose by 3.2%, marking the smallest year-over-year increase since early 2021. The energy index decreased by 4.0% over the past year, while the food index recorded a 2.1% increase.
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