The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index Summary September 11, 2024:
CONSUMER PRICE INDEX – AUGUST 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, the same increase as in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.5 percent before seasonal adjustment.
The index for shelter rose 0.5 percent in August and was the main factor in the all items increase. The food index increased 0.1 percent in August, after rising 0.2 percent in July. The index for food away from home rose 0.3 percent over the month, while the index for food at home was unchanged. The energy index fell 0.8 percent over the month, after being unchanged the preceding month.
The index for all items less food and energy rose 0.3 percent in August, after rising 0.2 percent the preceding month. Indexes which increased in August include shelter, airline fares, motor vehicle insurance, education, and apparel. The indexes for used cars and trucks, household furnishings and operations, medical care, communication, and recreation were among those that decreased over the month.
The all items index rose 2.5 percent for the 12 months ending August, the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.2 percent over the last 12 months. The energy index decreased 4.0 percent for the 12 months ending August. The food index increased 2.1 percent over the last year.
Food
The food index increased 0.1 percent in August, after rising 0.2 percent in each of the previous 2 months. The index for food at home was unchanged in August. Two of the six major grocery store food group indexes increased over the month while the other four indexes declined in August. The index for meats, poultry, fish, and eggs rose 0.8 percent in August as the index for eggs increased 4.8 percent. The dairy and related products index increased 0.5 percent over the month.
The nonalcoholic beverages index fell 0.7 percent in August, after rising 0.5 percent in July. The index for other food at home decreased 0.3 percent over the month, the index for fruits and vegetables declined 0.2 percent, and the index for cereals and bakery products fell 0.1 percent in August.
The food away from home index rose 0.3 percent in August, after rising 0.2 percent in July. The index for limited service meals rose 0.3 percent and the index for full service meals increased 0.2 percent over the month.
The index for food at home rose 0.9 percent over the last 12 months. The meats, poultry, fish, and eggs index rose 3.2 percent over the last 12 months and the nonalcoholic beverages index increased 1.3 percent. Over the same period, the index for other food at home rose 0.4 percent, as did the index for dairy and related products. In comparison, the cereals and bakery products index fell 0.3 percent over the year and the fruits and vegetables index decreased 0.2 percent.
The food away from home index rose 4.0 percent over the last year. The index for limited service meals increased 4.3 percent over the last 12 months and the index for full service meals rose 3.8 percent over the same period.
Fruits & Vegetables
The fruit and vegetable index fell 0.2 percent from July to August and the same amount from August 2023 to 2024. Fresh fruits and vegetables fell 0.1 percent for the month and 0.5 percent from August 2023 to 2024. Fresh fruits rose 0.7 percent for the month, but still posted a 0.6 percent drop year-over-year. Fresh vegetables fell 1.1 percent from July to August 2024 and 0.4 percent from August 2023 to 2024.
Contact Information
For additional information about the CPI visit www.bls.gov/cpi or contact the CPI Information and Analysis Section at 202-691-7000 or cpi_info@bls.gov.
For additional information on seasonal adjustment in the CPI visit www.bls.gov/cpi/seasonal-adjustment/home.htm
