Government Report Shows Consumer Prices Rose Higher Than Expected Inflation in August
By Space Coast Daily // September 13, 2022
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(FOX NEWS) – The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today.
Over the last 12 months, the all items index increased 8.3% before seasonal adjustment, a smaller figure than the 8.5% increase for the period ending July.
Increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6% decline in the gasoline index. The food index continued to rise, increasing 0.8%over the month as the food at home index rose 0.7%.
The energy index fell 5.0% over the month as the gasoline index declined, but the electricity and natural gas indexes increased. The energy index increased 23.8 percent for the 12 months ending August, a smaller increase than the 32.9-percent increase for the period ending July.
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