Economic Buzz: US Consumer Price Index Soars 8.3% In August

14 Sep 2022 , 08:29 AM

The US Labor Department said its consumer price index edged up by 0.1 percent in August after coming in unchanged in July. The modest increase in consumer prices came as higher prices for shelter, food and medical care offset a sharp slide in gasoline prices. A 10.6 percent plunge in gasoline prices contributed to a 5.0 percent slump in energy prices, while food prices increased by 0.8 percent. Compared to the same month a year ago, consumer prices were up by 8.3 percent in August, reflecting a slowdown from the 8.5 percent spike in July. However, core consumer prices, which exclude food and energy prices, climbed by 0.6 percent in August after rising by 0.3 percent in July. Powered by Commodity Insights