The year-over-year development in gasolines costs for the interval August 2022-2023 was -3.3%, however … [+]
On September 13, the Bureau of Labor Statistics (BLS) launched their newest abstract — for August 2023 — of America’s Consumer Price Index (CPI), the index that’s used to calculate inflation charges. The abstract could be very temporary, with solely a few classes highlighted, such because the rise within the gasoline value index as being the most important contributor to the month-to-month All Items CPI enhance.
Here, we’re going to interrupt down intimately rather more of the newest CPI knowledge and what it might imply for the long run.
Overview of the Latest CPI Data
The general measure — All Items, US City Average CPI — elevated by 3.7% year-over-year from August 2022 to August 2023. This is barely increased than July’s year-over-year enhance of roughly 3.2%-3.3% but remains to be much better than the year-over-year will increase of February 2023 (6%) or January 2023 (6.3%). It can also be significantly better than the year-over-year enhance for August 2021 to August 2022, which witnessed a rise of 8.2%. However, when it comes to month-over-month adjustments within the All Items Consumer Price Index, July to August 2023’s 0.6% enhance is the very best of the 12 months to this point.
The Energy CPI really fell year-on-year, by 3.7%, from August 2022 to August 2023, which is why the All Items Less Food and Energy CPI had the next year-over-year enhance — 4.4% — than simply All Items — 3.7%. Unfortunately, on a month-to-month foundation, the Energy Consumer Price Index rose by 5.6% from July to August 2023, the very best month-over-month enhance to this point this 12 months. Also price noting is that, although power costs fell year-over-year for the month of August, their decline was a lot steeper for the durations July 2022 to July 2023 (-12.3%) and June 2022 to June 2023 (-16.5%), as an example.
When it involves the Gasoline Consumer Price Index, it additionally fell year-over-year for August, by 3.3%. However, its month-over-month change from July to August 2023 was comparatively large: An enhance of 10.6%. The final month-over-month interval that matched or surpassed that price was February to March 2022, when the Gasoline CPI rose by 13.2%.
Breaking Down the Latest CPI Data by Category
Getting all the way down to the nitty-gritty with the newest CPI knowledge reveals some fascinating traits hidden beneath the general All Items CPI figures. Let’s test them out:
Electricity Consumer Price Index
The Electricity CPI inched up by 2.1% from August 2022 to August 2023, the smallest year-over-year enhance because the interval March 2017 to March 2018, when it was additionally 2.1%. The peak year-over-year development price for the Electricity CPI was from August 2021 to August 2022, when it rocketed by 15.6%.
Utility Gas Consumer Price Index
The costs of utility (piped) fuel providers have fallen by a great quantity since final 12 months: A decline of 16.5% from August 2022 to August 2023. The greatest year-over-year enhance within the Utility (piped) fuel CPI, of the final 5 years, was within the interval June 2021 to June 2022, went it was 38.4%. Looking again over the past 20 years, the most important year-over-year enhance occurred in October 2004-2005, when it was a staggering 44.6%.
Food Consumer Price Index
Below you’ll discover a desk detailing year-over-year change in meals costs for every month of the 12 months, going again to 2003:
Shelter Consumer Price Index
Below you’ll discover a desk detailing year-over-year change in housing costs for every month of the 12 months, going again to 2003:
