The cost of shelter continued to fuel inflation in August, the U.S. Bureau of Labor Statistics reported Wednesday.
In August, the Consumer Price Index for All Urban Consumers (CPI-U) increased a seasonally-adjusted 0.2% from July, matching July’s increase from June. Over the last 12 months, the all-items index increased 2.5% before seasonal adjustment.
The so-called “core” index (excluding food and gasoline) rose 0.2% month-to-month and 3.2% from year-ago.
The cost of shelter rose 0.5% in August and was the main factor in the all-items increase. The shelter index has increased 5.2% over the last year, accounting for more than 70 percent of the total 12-month increase in the core index.
The cost of food rose 0.1% for the month and 2.1% from 12 months earlier. Other indexes with notable increases over the last year include:
- Motor Vehicle Insurance: +16.5%.
- Transportation Services: +7.9%.
- Motor Vehicle Maintenance and Repair: +4.1%
- Electricity +3.9%
- Meats, Poultry, Fish and Eggs: +3.2%
- Medical Care Services: +3.2%.
- Energy Services: +3.1%
In the first 43 months of Pres. Joe Biden’s administration (through August), monthly inflation averaged 5.2%. During the full 48-month term of his predecessor, former Pres. Donald Trump, inflation averaged 1.9% per month.
For an in-depth comparison of the economies of the Biden and Trump administrations, click here.
The business and economic reporting of CNSNews is funded in part with a gift made in memory of Dr. Keith C. Wold.
