August Consumer Price Index Increases
The Consumer Price Index increased 0.1% in August on a seasonally adjusted basis after being unchanged in July. The Bureau of Labor Statistics reported this week increases in the shelter, food, and medical care indexes were the largest contributors to the broad-based monthly all items increase. The food index increased 0.8% in August, the smallest monthly increase in that index since December 2021. The food at home index rose 0.7% in August as all six major grocery store food group indexes increased. The index for other food at home rose 1.1%, while the index for cereals and bakery products rose 1.2% over the month.
The meats, poultry, fish, and eggs index, the fruits and vegetables index, and the nonalcoholic beverages index all increased 0.5% in August. The index for dairy and related products increased 0.3 percent over the month, the smallest increase in that index since November 2021.
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