by Calculated Risk on 9/13/2022 08:32:00 AM
seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor
Statistics reported today. Over the last 12 months, the all items index increased 8.3
percent before seasonal adjustment.
Increases in the shelter, food, and medical care indexes 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 over the month as the gasoline index declined, but the
electricity and natural gas indexes increased.
The index for all items less food and energy rose 0.6 percent in August, a larger
increase than in July. The indexes for shelter, medical care, household furnishings and
operations, new vehicles, motor vehicle insurance, and education were among those that
increased over the month. There were some indexes that 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.
Both CPI and core CPI were above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.