The U.S. Bureau of Labor Statistics announced 0.1% growth in CPI for All Urban Consumers in August

The U.S. Bureau of Labor Statistics announced a 0.1% increase in the Consumer Price Index (CPI) for All Urban Consumers in August 2022 after being unchanged in July 2022. Over the past 12 months, the all items index improved 8.3% before seasonal adjustment.

• Surge in the shelter, food, and medical care indexes were the major drivers to the broad-based monthly all items rise. The rises were majorly counterbalanced by a 10.6% drop in the gasoline index.
• The food index was on uptrend, up 0.8% over the month as the food at home index grew 0.7%.
• The energy index slipped 5.0% during the month as the gasoline index declined. However, there was a growth in the electricity and natural gas indexes.
• The index for all items less food and energy increased 0.6% in August.
• 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.
• Indexes for airline fares, communication, and used cars and trucks dropped in August.

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