The Consumer Price Index for All Urban Consumers (CPI-U) edged up 0.4% on a seasonally adjusted basis, reported the US Bureau of Labor Statistics. This is a slight decrease from the 0.6% rise seen in July.
Before seasonal adjustment, the all items index increased by 1.3%, over the past 12 month period.
(Source: US Bureau of Labor Statistics)
Food Index
The index for food increased 0.1% in August, after seeing a 0.4% drop in July, reported the Bureau of Labor Statistics. The food at home index saw a slight decline of 0.1%. “The August decline was mostly caused by the index for meats, poultry, fish, and eggs, which fell 1.7% in August, its second consecutive monthly decline after sharp increases in prior months,” explained the bureau. Conversely, the food away from home rose 0.3% in August.
Over the last 12-months, the index for food at home edged up 4.6%. The index for meats, poultry, fish, and eggs 7.1% since this time last year. The food away from home index increased 3.5% over the past 12 months.
Energy Index
In August, the energy index increased by 0.9%, marking the third consecutive monthly percentage rise. The price of gasoline rose 2%, while both the electricity and natural gas indexes dropped 0.2%.
Over the last 12-month period, the energy index dropped 9%. The price of gas has plummeted 16.8%, as has the fuel oil index by 23.6% over the past year. In addition, the index for natural gas and electricity index both declined by 0.5% and 0.1%, respectively.
(Source: US Bureau of Labor Statistics)
All Items Less Food and Energy Index
In August, the all items less food and energy index rose 0.4%. This was primarily due to the used cars and trucks index. “The index for used cars and trucks increased 5.4% in August, its largest monthly increase since March 1969,” reported the Bureau of Labor Statistics. Several of the component indexes all saw slight percentage increases for the month including the shelter index by 0.1%, the medical care index by 0.1%, and both the rent index and index for owners’ equivalent rent by 0.1%.
Over the last year, the all items less food and energy index increased 1.7%. The index for shelter edged up 2.3%, as did the medical care index by 4.5%. Component indexes that saw major declines were airline fares (23.2%), apparel (5.9%), motor vehicle insurance (1.5%) stated the US Bureau of Labor Statistics.
Source cited: https://www.bls.gov/news.release/archives/cpi_09112020.htm
Sarah has been writing on the topics of politics, history and finance for over a decade. She is currently an editor at CPI Inflation Calculator, covering the topics of CPI, inflation, US economy and economic commentary.
