The Consumer Price Index (CPI) was released this morning by the Bureau of Labor Statistics. The Consumer Price Index is a measure of the monthly prices that consumers pay for goods and services. This is a group of commonly purchased goods and services. Examples include new and used cars; airline fares; electricity; gasoline; natural gas; rent; medical care services; clothing; and of course, food items purchased at the grocery store along with food purchased away from home, to name a few of the categories you will see in the Consumer Price Index monthly report. The Consumer Price Index is one of the most popular measures of inflation.
This month's report for August shows a 0.1% increase in month-over-month prices and an 8.3% increase in year-over-year prices. When you take out food and energy, which is the core CPI number month-over-month for August, it had an increase of 0.6%, which was slightly higher than expected.
Just about everything was up year-over-year, including medical care services, up 5.6% from August 2021; health insurance, up 24.3% from August 2021; clothing was up 5.1% from August 2021; electricity was up 15.8% from August 2021; rent was up 6.3% from August 2021; motor vehicle insurance was up 8.7% from August 2021; natural gas is up 33% from August 2021. The one item that was down year-over-year was gasoline, down 10%.
Grocery shopping was also more expensive year-over-year, as most consumers already know, with cereal up 16.4% from August 2021, milk up 16.2% from August 2021, coffee up 17.6% from August 2021, ground beef up 7.8% from August 2021, and apples up 3.8% from August 2021.