U.S. inflation increases by 0.2% in August 2024 as Shelter Costs Edge Up
Consumer Price Index sees slight growth for the second consecutive month as housing costs continue to climb
U.S. inflation in August 2024 rose by 0.2%, according to the latest Consumer Price Index (CPI) data from the Bureau of Labor Statistics (BLS). This marks a repeat of the 0.2% increase recorded in July, with shelter costs being the primary driver. Over the past 12 months, the All Items index grew by 2.5%, marking the smallest annual increase since February 2021, easing inflationary pressures but persistent cost increases in essential services such as housing.
Shelter Costs Lead Price Increases
The shelter index increased by 0.5% in August and accounted for over 70% of the total 12-month rise in the All Items Less Food and Energy index, which saw a 3.2% annual increase. Shelter costs have been a significant factor in the modest overall inflation, as Americans continue to experience higher rents and housing costs. Rent and owners' equivalent rent both increased by 0.4% and 0.5%, respectively, in August.
