US consumer prices edged slightly higher in August, due largely to higher energy costs, but they are lower over the past 12 months, new government data reveals.
The Consumer Price Index, which is the government’s most closely watched barometer for measuring inflation at the consumer level, rose 0.4% in August. The increase was "driven by a 9.1 percent rise in the gasoline index," according to the monthly released CPI report from the Labor Department.
"Oil is becoming the bane of our existence again, but other cost pressures remain reasonably well restrained," Joel Naroff, president of Naroff Economic Advisors was noted on Forbes.com.
Compared to the same period a year ago, consumer prices fell 1.5% — due largely again to gasoline prices — they were higher in August compared to the previous month but sharply lower than the levels seen last summer.
The US Inflation Calculator is updated with the newest government information, as are the following inflation rate and data pages:
For an in depth look at August consumer prices, read Annual US inflation Down 1.5%.