August 2024 Consumer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, the same increase as in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.5 percent before seasonal adjustment.

The index for shelter rose 0.5 percent in August and was the main factor in the all items increase. The food index increased 0.1 percent in August, after rising 0.2 percent in July. The index for food away from home rose 0.3 percent over the month, while the index for food at home was unchanged. The energy index fell 0.8 percent over the month, after being unchanged the preceding month.

The index for all items less food and energy rose 0.3 percent in August, after rising 0.2 percent the preceding month. Indexes which increased in August include shelter, airline fares, motor vehicle insurance, education, and apparel. The indexes for used cars and trucks, household furnishings and operations, medical care, communication, and recreation were among those that decreased over the month.

The all items index rose 2.5 percent for the 12 months ending August, the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.2 percent over the last 12 months. The energy index decreased 4.0 percent for the 12 months ending August. The food index increased 2.1 percent over the last year.

Food

The food index increased 0.1 percent in August, after rising 0.2 percent in each of the previous 2 months. The index for food at home was unchanged in August. Two of the six major grocery store food group indexes increased over the month while the other four indexes declined in August. The index for meats, poultry, fish, and eggs rose 0.8 percent in August as the index for eggs increased 4.8 percent. The dairy and related products index increased 0.5 percent over the month.

The nonalcoholic beverages index fell 0.7 percent in August, after rising 0.5 percent in July. The index for other food at home decreased 0.3 percent over the month, the index for fruits and vegetables declined 0.2 percent, and the index for cereals and bakery products fell 0.1 percent in August.

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

The index for food at home rose 0.9 percent over the last 12 months. The meats, poultry, fish, and eggs index rose 3.2 percent over the last 12 months and the nonalcoholic beverages index increased 1.3 percent. Over the same period, the index for other food at home rose 0.4 percent, as did the index for dairy and related products. In comparison, the cereals and bakery products index fell 0.3 percent over the year and the fruits and vegetables index decreased 0.2 percent.

The food away from home index rose 4.0 percent over the last year. The index for limited service meals increased 4.3 percent over the last 12 months and the index for full service meals rose 3.8 percent over the same period.

Energy

The energy index decreased 0.8 percent in August, after being unchanged in July. The gasoline index fell 0.6 percent over the month. (Before seasonal adjustment, gasoline prices decreased 2.7 percent in August.) The electricity index decreased 0.7 percent over the month and the natural gas index fell 1.9 percent in August.

The energy index decreased 4.0 percent over the past 12 months. The gasoline index fell 10.3 percent over this 12-month span, and the natural gas index declined 0.1 percent. The index for fuel oil fell 12.1 percent over the same period. In contrast, the index for electricity increased 3.9 percent over the last 12 months.

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 0.5 percent in August. The index for owners' equivalent rent rose 0.5 percent over the month and the index for rent increased 0.4 percent. The lodging away from home index rose 1.8 percent in August, after rising 0.2 percent in July.

The airline fares index rose 3.9 percent in August, after declining in each of the previous 5 months. The index for motor vehicle insurance increased 0.6 percent over the month. The indexes for education and apparel also increased in August.

The index for used cars and trucks fell 1.0 percent in August, following a 2.3-percent decrease in July. Over the month, the household furnishings and operations index fell 0.3 percent. The medical care index fell 0.1 percent in August, after falling 0.2 percent in July. The communication index decreased 0.1 percent in August, as did the recreation index and the personal care index. The index for new vehicles was unchanged over the month.

The index for all items less food and energy rose 3.2 percent over the past 12 months. The shelter index increased 5.2 percent over the last year, accounting for over 70 percent of the total 12-month increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+16.5 percent), medical care (+3.0 percent), recreation (+1.6 percent), and education (+3.1 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.5 percent over the last 12 months to an index level of 314.796 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 2.4 percent over the last 12 months to an index level of 308.640 (1982-84=100). For the month, the index was unchanged prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 2.4 percent over the last 12 months. For the month, the index increased 0.1 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.