The Bureau of Labor Statistics reported that the Consumer Price Index increased 2.5% in August from year-ago levels — a decrease from July’s 2.9% rate. Core CPI, which excludes volatile food and energy costs, rose 3.2% in August over the last 12 months after rising 3.2% in July.
The CPI increased 0.2% in August from month-ago levels, as it did in July. Core CPI increased 0.3% after rising 0.2% in July.
Economists had anticipated that the CPI inflation would rise 0.2% in August, according to FactSet’s consensus estimates. Annual inflation had been forecast to come down to a 2.6% rate. Core CPI inflation was forecast to increase 0.2% in August and 3.2% on an annual basis.
August CPI Report Key Stats
• CPI rose 0.2% for the month, as it did in July.
• Core CPI climbed 0.3% after rising by 0.2% in July.
• CPI rose 2.5% year over year after rising by 2.9% the prior month.
• Core CPI rose 3.2% from year-ago levels after rising 3.2% in July.
Food prices increased 0.1% in August after growing 0.2% in July. Food-at-home prices stayed the same over the month, while food-away-from-home (restaurant) prices increased 0.3%.
Energy prices declined over the month, down 0.8% overall after holding steady the prior month. Utility (piped) gas service prices fell 1.9%, fuel oil prices fell 1.9%, gasoline prices declined 0.6%, and electricity prices fell 0.7%.
In August, shelter prices increased 0.5% after rising 0.4% in July.
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