Inflation has wobbled but it won’t fall down.
The year-over-year inflation rate in August was 3.7%, an increase from the 3.2% rate reported in July, according to the Bureau of Labor of Statistics.
Consumer prices rose 0.6% from July to August, up from a 0.2% increase in July.
The report said gasoline was the largest contributor to the monthly all-items increase in August, accounting for over half of the rise. A higher cost of shelter was also observed, with the agency reporting shelter costs rose for the 40th consecutive month.
The energy index rose 5.6% in August as all the major energy component indexes increased. The food index increased 0.2% in August, the same as July.
The report said the index for food at home increased 0.2% over the month, and August numbers showed year-over-year inflation of 3% for the food-at-home (grocery) index.
The six major grocery store food group indexes were split in August, with three increases and three decreases for the month compared with July. The report said the index for meats, poultry, fish and eggs rose 0.8% in August as the index for pork increased 2.2%. The fruit and vegetables index declined 0.2% over the month, the report said.
The food-away-from-home index rose 0.3% in August. The index for limited-service meals rose 0.3% over the month, and the index for full-service meals increased 0.2%. The index for food away from home rose 6.5% over the last year, with the index for limited-service meals rising 6.7% over the last 12 months, and the index for full-service meals climbing 5.2%.