INFLATION EASED TO 8.3% IN AUGUST, FOOD PRICES REMAIN AT 42-YEAR HIGH

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Key Points:

  • The Consumer Price Index (CPI) rose 0.1% in August after being unchanged in July.
  • CPI increased 8.3% from a year ago, down from 8.5% in July.
  • Consensus among economists was an 8.1% increase.
  • The rate of price increases remained above 5% for the fifteenth straight month.
  • The core CPI, which excludes food and energy, rose 0.6% in August and is up 6.3% from the previous year.
  • The energy index is up 23.8% and the food index is up 11.4% from the previous year.
  • The food index increase of 11.4% is the highest reading since May 1979.
  • The Right Facts will continue to monitor CPI.
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