Consumer Price Index Rises 0.4 Pct In August
Following a 0.6 percent increase in July, the U.S. Bureau of Labor Statistics reported that the seasonally adjusted Consumer Price Index (CPI) for All Urban Consumers rose 0.4 percent in August. The bureau reported that the all items index climbed 1.3 percent prior to seasonal adjustment during the past year, according to a Friday (Sept. 11) press release.
The index for pre-owned trucks and cars climbed 5.4 percent in August, marking its biggest monthly rise since March 1969. Moreover, the recreation index rose 0.7 percent in August following declines in July and June.
The energy index increased 0.9 percent in August, which marked its third straight rise in a row. And the fuel index remained on the uptick, with a 2 percent rise in August following a 5.6 percent increase in July.
The food index increased 0.1 percent in August following a decline in July, with the index for food at home dropping a small amount in August.
The bureau said the CPI for September is planned for release on Oct. 13 at 8:30 a.m. Eastern Time.
The news comes as the CPI increased 0.6 percent in June for all products, supported by increases in energy and food. By comparison, the CPI had dropped 0.1 percent in May.
The food index rose 0.6 percent in June after a 0.7 percent rise in May. Five of the six major grocery store food group indexes increased in June.
At the time, it was noted that the food index rose 5.6 percent year over year, marking its biggest annual rise as of December 2011.
And a recent National Bureau of Economic Research (NBER) report noted that those who received the first $2.2 trillion in stimulus checks had a propensity to utilize those funds to support their savings or make payments on loans, while just a small portion of those polled spent the funds.
As part of the CARES Act ratified in March, qualifying adults received one-time payments of as much as $1,200, with $500 for each additional child.