URGENT: US CPI-U up by 0.2% in August

The US Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.2 per cent in August, matching July’s rise. The all-items index recorded an annual growth of 2.5 per cent.

On an unadjusted basis, the CPI-U increased 2.5 per cent year-on-year, reaching 314.796, while the CPI for Urban Wage Earners and Clerical Workers (CPI-W) rose by 2.4 per cent. Both indices saw modest month-over-month gains. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) also recorded a 2.4 per cent rise over the year.

Shelter costs contributed the most to the increase, with a 0.5 per cent rise, while food prices had a slight 0.1 per cent uptick. Energy prices, on the other hand, declined by 0.8 per cent.

Excluding food and energy, the index grew 0.3 per cent, driven by notable increases in shelter, airline fares, motor vehicle insurance, and education. However, declines were seen in used cars, medical care, and household furnishings. Over the last 12 months, the all-items index excluding food and energy rose by 3.2 per cent, with shelter making up more than 70 per cent of the increase.

The energy index dropped by 4.0 per cent year-on-year, while food prices increased by 2.1 per cent. The food at home index remained steady despite rising prices for meats and eggs. Meanwhile, the food away from home index increased by 0.3 per cent in August, leading to a 4.0 per cent rise over the past year.

Attribution: US Bureau of Labor Statistics CONSUMER PRICE INDEX – AUGUST 2024

Subediting: M. S. Salama