US Inflation Accelerates for Second Straight Month

By Fan-Yu Kuo
NAHB – Eye on Housing
September 13, 2023
Category: Finance & Economics
Region: United States

Consumer prices in August saw the largest monthly gain since June 2022, primarily driven by a surge in gasoline costs. Core service inflation excluding housing was little changed in August, suggesting that the path toward disinflation ahead still has some fluctuations. Meanwhile, shelter costs continued to remain at a high level and was the second-largest contributor to the increase in inflation. …The Bureau of Labor Statistics reported that the Consumer Price Index rose by 0.6% in August on a seasonally adjusted basis, following an increase of 0.2% in July. The price index for a broad set of energy sources rose by 5.6% in August as all the major energy component indexes increased. …The index for shelter, which makes up more than 40% of the “core” CPI, rose by 0.3% in August, following an increase of 0.4% in July. 

Read More