August 2023 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment.

The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase. Also contributing to the August monthly increase was continued advancement in the shelter index, which rose for the 40th consecutive month. The energy index rose 5.6 percent in August as all the major energy component indexes increased. The food index increased 0.2 percent in August, as it did in July. The index for food at home increased 0.2 percent over the month while the index for food away from home rose 0.3 percent in August.

The index for all items less food and energy rose 0.3 percent in August, following a 0.2-percent increase in July. Indexes which increased in August include rent, owners' equivalent rent, motor vehicle insurance, medical care, and personal care. The indexes for lodging away from home, used cars and trucks, and recreation were among those that decreased over the month.

The all items index increased 3.7 percent for the 12 months ending August, a larger increase than the 3.2-percent increase for the 12 months ending in July. The all items less food and energy index rose 4.3 percent over the last 12 months. The energy index decreased 3.6 percent for the 12 months ending August, and the food index increased 4.3 percent over the last year.

Food

The food index rose 0.2 percent in August, as it did in the previous month. The index for food at home increased 0.2 percent over the month, after rising 0.3 percent in July. The six major grocery store food group indexes were split over the month, with three increases and three decreases. The index for meats, poultry, fish, and eggs rose 0.8 percent in August as the index for pork increased 2.2 percent. The index for other food at home increased 0.2 percent over the month and the index for cereals and bakery products rose 0.5 percent.

The index for dairy and related products decreased 0.4 percent in August after increasing 0.5 percent in July. The fruit and vegetables index declined 0.2 percent over the month, as did the nonalcoholic beverages index.

The food away from home index rose 0.3 percent in August. The index for limited service meals rose 0.3 percent over the month, and the index for full service meals increased 0.2 percent.

The food at home index rose 3.0 percent over the last 12 months. The index for cereals and bakery products rose 6.0 percent over the 12 months ending in August. The meats, poultry, fish, and eggs index was unchanged over the year. The remaining major grocery store food groups posted increases ranging from 0.3 percent (dairy and related products) to 4.8 percent (nonalcoholic beverages).

The index for food away from home rose 6.5 percent over the last year. The index for limited service meals rose 6.7 percent over the last 12 months, and the index for full service meals rose 5.2 percent over the same period.

Energy

The energy index rose 5.6 percent in August after increasing 0.1 percent in July. The gasoline index increased 10.6 percent in August, following a 0.2-percent increase in the previous month. (Before seasonal adjustment, gasoline prices rose 5.9 percent in August.)

Other energy components also increased in August. The index for electricity rose 0.2 percent in August, after decreasing 0.7 percent in July. The natural gas index increased 0.1 percent over the month, following a 2.0-percent increase in July. The index for fuel oil also rose in August, increasing 9.1 percent.

Despite the August monthly increases, the energy index fell 3.6 percent over the past 12 months. The gasoline index decreased 3.3 percent over the last 12 months, while the natural gas index fell 16.5 percent, and the fuel oil index fell 14.8 percent over the span. In contrast, the index for electricity rose 2.1 percent over the last year.

All items less food and energy

The index for all items less food and energy rose 0.3 percent in August, after rising 0.2 percent in July. The shelter index increased 0.3 percent over the month, after rising 0.4 percent in each of the preceding 2 months. The index for rent rose 0.5 percent in August, and the index for owners' equivalent rent increased 0.4 percent over the month. The lodging away from home index decreased 3.0 percent in August, its third consecutive decrease.

The shelter index was the largest factor in the monthly increase in the index for all items less food and energy. Among the other indexes that rose in August was the index for motor vehicle insurance, which increased 2.4 percent after rising 2.0 percent the preceding month. The indexes for airline fares, personal care, new vehicles, and household furnishings and operations also increased in August.

The medical care index rose 0.2 percent in August, after falling 0.2 percent the previous month. The index for hospital services increased 0.7 percent over the month, and the index for physicians' services rose 0.1 percent. The prescription drugs index rose 0.4 percent in August.

The index for used cars and trucks fell 1.2 percent in August, after decreasing 1.3 percent in July. The recreation index declined 0.2 percent over the month, and the communication index declined 0.1 percent.

The index for all items less food and energy rose 4.3 percent over the past 12 months. The shelter index increased 7.3 percent over the last year, accounting for over 70 percent of the total increase in all items less food and energy. Other indexes with notable increases over the last year include motor vehicle insurance (+19.1 percent), recreation (+3.5 percent), personal care (+5.8 percent), and new vehicles (+2.9 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.7 percent over the last 12 months to an index level of 307.026 (1982-84=100). For the month, the index increased 0.4 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.4 percent over the last 12 months to an index level of 301.551 (1982-84=100). For the month, the index increased 0.6 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.7 percent over the last 12 months. For the month, the index increased 0.4 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.