Inflation Falls In August
Kurt Brouwer September 16th, 2008
The Bureau of Labor Statistics announced today that the Consumer Price Index (CPI) fell in August:
The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent in August, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.
…On a seasonally adjusted basis, the CPI-U decreased 0.1 percent in August, following a 0.8 percent increase in July. The index for energy fell 3.1 percent in August after three consecutive sharp increases. The gasoline index declined by 4.2 percent in August but is 35.6 percent higher than in August 2007. The index for household energy, which was up 3.8 percent in July, declined 1.6 percent in August…
Given that oil prices have continued to fall throughout September, it is likely that energy prices for the month will be down again. And, based on the release above, it is clear that energy prices declines are the primary reason that CPI fell in August. Hopefully, this trend will continue in September.
- Economy , Geopolitics , Personal Finance , inflation
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