The Consumer Price Index (CPI) rose 8.3% between August 2021 and August 2022, according to a Tuesday report from the Bureau of Labor Statistics.
The reading marks a decline from the 8.5% year-over-year rate seen in July and the 9.1% year-over-year rate seen in June as gasoline prices continue to fall. However, month-over-month prices for food, shelter, and medical services continued to tick upward, producing a 0.1% overall price increase from July. Economists had expected headline inflation to fall 0.1%.
“The substantial decline in gasoline prices is noteworthy but doesn’t address the overall problem with inflation,” Bankrate senior economic analyst Mark Hamrick told The Daily Wire, noting that the August report contains “unpleasant surprises aplenty.”
Prices for food at home — a category that includes grocery store or