Gasoline drove up Consumer Price Index (CPI) by 0.6% in August

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July, according to a U.S. Bureau of Labor Statistics press release. The all items index increased 3.7 percent before seasonal adjustment over the last 12 months.

The index for gasoline was the largest contributor to the monthly all items increase, contributing over half of the buoyancy. Shelter index was the other contributing factor to the rise in August as it increased for the 40th consecutive month. The energy index spiked 5.6 percent in August as all the major energy component indexes increased. The food index increased 0.2 percent in August, as it did in July. The index for food at home increased 0.2 percent over the month while the index for food away from home rose 0.3 percent in August. 

The index for all items less food and energy rose 0.3 percent in August, following a 0.2-percent increase in July. Indexes which increased in August include rent, owners' equivalent rent, motor vehicle insurance, medical care, and personal care. The indexes for lodging away from home, used cars and trucks, and recreation were among those that decreased over the month.

The all items index increased 3.7 percent for the 12 months ending August, a larger increase than the 3.2-percent increase for the 12 months ending in July. The all items less food and energy index rose 4.3 percent over the last 12 months. The energy index decreased 3.6 percent for the 12 months ending August, and the food index increased 4.3 percent over the last year.