U.S. INFLATION REMAINED HIGH IN AUGUST, PRICE INCREASES BROAD
The Consumer Price Index (CPI) rose 0.3% in August from July and is up 8.3% in the last year.
The core CPI which excludes food and energy rose to 6.3% in August after holding at 5.9% in both June and July.
The overall food index rose 11.4%, food at home rose 13.5%, and food away from home rose 8.0% over the past 12 months.
The food index increase of 11.4% is the highest reading since May 1979.
The largest increase in food was for cereals and bakery products, which increased 16.4% and dairy which increased 16.2%.
The index for food away from home rose 8.0%, full service meals rose 9.0%, and limited service meals rose 7.2% over the last 12 months.
The energy index rose 23.8% over the past 12 months as all the major energy component indexes increased.
Fuel oil increased 68.8%, gasoline increased 25.6%, electricity increased 15.8%, and natural gas rose 33.0% over the last 12 months.
The index for all items less food and energy rose 6.3% over the past 12 months.
The index for airline fare rose 33.4%, used cars and trucks increased 7.8%, new vehicles increased by 10.1%, tobacco and smoking products increased by 8.8%, apparel increased by 5.1%, and rent increased 6.7%.
The Right Facts will continue to monitor inflation.