By Tom Burnett CFA
On September 13, 2023, the Bureau of Labor Statistics reported that consumer prices rose by 0.6% in August. The increase for the prior month was 0.2%. The August increase was the largest monthly advance so far this year. For the 12 months ending in August, the CPI rose 3.7%, up from 3.2% in July and 3.0% in June. Gasoline prices were the primary cause of the August increase, accounting for more than half of the monthly advance.
The Core Index, excluding food and energy, rose 0.3% in August, following an increase of 0.2% in July. Over the past year, the Core Index rose by 4.3%. The Shelter Index rose 7.3% over the latest 12 months and accounted for over 70% of the total increase in the Core Index.
The next CPI report will be issued October 12, 2023.
Tom Burnett CFA is Director of Research