💸 CPI – August

MacroDrip

The inflation print for August just hit the tape, so let’s dive right in!

Here are the headline prints:

Year-over-Year:

✅ *US AUGUST CPI RISES 2.9% Y/Y; EST. +2.9%
✅ *US AUGUST CORE CPI RISES 3.1% Y/Y; EST. +3.1%

Month-over-Month:

❌ *US AUGUST CPI RISES 0.4% M/M; EST. +0.3%
✅ *US AUGUST CORE CPI RISES 0.3% M/M; EST. +0.3%

For a complete breakdown of last month’s CPI,
download our US Inflation Dashboard.

August CPI — Year-over-Year

Let’s start with our chart that shows the weight of the three main CPI categories and their respective sub-groups on the left. On the right, you can see how each item contributes to the overall index.
(see July CPI)

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Next up, we’ve got two charts breaking down Core CPI — one showing year-over-year (YoY) changes and the other highlighting month-over-month (MoM) shifts, focusing on items with the most disproportionate impact.

August Core CPI — Year-over-Year

(see July Core CPI YoY)

August Core CPI — Month-over-Month

(see July Core CPI MoM)

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Overall, the numbers were pretty much in line, except for headline CPI, which came in hotter than expected month-over-month.

Core CPI was up 0.35% on the month, with some outsized drivers like Lodging, Used Cars, Motor Vehicle Repair, and especially Airline Fares.

Basically, 6.3% of the Core CPI basket was responsible for 46% of the MoM advance!