Inflation slowed to 8.3% in August

The Consumer Price Index rose 0.1% in August on a seasonally adjusted basis after remaining unchanged in July, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 8.3%.

Prices for all items less food and energy, the “core CPI,” rose 0.6% in August, after increasing 0.3% in July.

The food index increased 0.8% in August, after rising 1.1% in July. The index for food at home rose 0.7% over the month, after rising 1.3% in July. In August, the increase was attributed to a rise in all six major grocery store food group indexes. Notably, the index for nonalcoholic beverages rose 0.5%. The index for dairy and related products increased 0.3 percent over the month, the smallest increase in that index since November 2021. The food away from home index increased, rising 0.9%. The food index rose 11.4% over the last 12 months.

The energy index decreased 5% in August after decreasing 4.6% in July. The gasoline index fell 10.6% over the month following an 7.7% decrease in July. The fuel oil index (not seasonally adjusted) fell 5.9% in August.

Read the BLS release.