Key Points:
- The Consumer Price Index (CPI) increased 0.3% in August and is up 5.3% in the last year.
- Price increases in the last year have been broad, impacting businesses and consumers.
- The food at home index rose 3.0% over the past 12 months.
- Five of the six major grocery store food group indexes increased over the period.
- The largest increase was for meats, poultry, fish, and eggs, which increased 8.0% as the index for beef rose 12.2% over the year.
- The index for food away from home rose 4.7%, limited service meals rose 6.9%, and full service meals rose 4.9% over the last 12 months.
- The energy index rose 25.0% over the past 12 months as all the major energy component indexes increased.
- The gasoline index rose 42.7% electricity increased 5.2%, and natural gas rose 21.1% over the last 12 months.
- The index for all items less food and energy rose 4.0% over the past 12 months.
- The index for used cars and trucks increased 31.9%, new vehicles increased by 7.6%, airline fare increased by 6.7%, tobacco and smoking products increased by 6.3%, and apparel increased 4.2%.
- The Right Facts will continue to monitor inflation.