BLS Reports Another Month of Increased CPI
Last week, the Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased .3% in August after rising .5% in July. The “all items” index increased 5.3% before seasonal adjustment.
Increases in the indexes for gasoline, food, and shelter drove the overall, all items seasonally adjusted index.
A few highlights from the announcement include:
• 2.8% increase in the gasoline index, this is up from 2.4% in July and 2.5% in August
• 1.2% increase in the new vehicle index, this is down from 1.7% in July and 2.0% in August
• .4% increase in the food index, this is down from .7% in July and .8% in June
• .2% increase in the shelter index, this is down from .4% in July and .5% in June
The data indicates slower CPI growth in the month of August in many areas than several previous months, but economists are mixed on whether this represents a longer cooling period or a temporary pause. We will continue to monitor CPI data as the economy continues to evolve during the pandemic.