August inflation shows mixed results

On September 15, 2023, in Consumer Price Index, Inflation, by David Elrod

The Consumer Price Index (CPI) released earlier this month showed a rise of 0.6 percent in August with a 3.7 percent increase of all items in the past year.

The food index rose 0.6 percent in August. The food at home index increased 0.2 percent over the month, while the index for meats, poultry, fish, and eggs rose 0.5 percent in August. The food away from home index rose 0.3 percent in August.

Chicken, in particular, fell 1.7 percent from the previous year but rose 1.3 percent from the previous month.

Meanwhile, beef prices have hit record levels. The price of all-fresh beef was $7.82 per pound in August, up 0.3 percent from July and 6.8 percent from a year ago. That is the third straight month that fresh beef prices have hit a record high. Retail beef prices fell one percent from July’s record to $8.23 per pound, but were still 8.6 percent above last year.

The energy index rose 3.3 percent over the previous month, but declined 3.6 percent over the previous year. The gasoline index decreased 3.3 percent over the last 12 months, while the utility (piped) gas service index fell 16.5 percent, and the fuel oil index fell 14.8 percent over the span. In contrast, the index for electricity rose 2.1 percent over the last year.

The full August CPI report can be found here.