by Nick Dobbins
September 2022
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported. Increases in the shelter, food, and medical care indices were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6 percent decline in the gasoline index. The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. The energy index fell 5.0 percent as the gasoline index declined, but the electricity and natural gas indices increased. The index for all items less food and energy rose 0.6 percent, a larger increase than in July. The indices for shelter, medical care, household furnishings and operations, new vehicles, motor vehicle insurance, and education were among those that increased over the month. Some indices declined in August, including those for airline fares, communication, and used cars and trucks.
The all items index increased 8.3 percent for the 12 months ending August, a smaller figure than the 8.5 percent increase for the period ending July. The all items less food and energy index rose 6.3 percent over the last 12 months. The energy index increased 23.8 percent for the 12 months ending August, a smaller increase than the 32.9-percent increase for the period ending July. The food index increased 11.4 percent over the last year, the largest 12-month increase since the period ending May 1979.
