Consumer Price Index:Historical Releases/2023 August: Difference between revisions

Consumer Price Index:Historical Releases/2023 August (view source)

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 == Key Takeaways ==
-* Super core CPI increased during the month, due to a m/m increase in most service sectors, with some exceptions. Transportation services continue to be the primary driver of this category, which increased again in July.
+* Super core CPI had the biggest increase in 5 months. Transportation services continue to be the primary driver of this category, rising 2% in august.
-*Used cars CPI, which has been a significant contributor to goods inflation movements, decreased significantly again, in line with the recent decline in prices. New cars also show some moderation.
+*While used prices CPI continue to decline in august, new cars continue to show more resilience. This is also true in the avgerage transaction prices from KBB.
-*Oil index as expected was going to increase due to the jump in oil price, however, gasoline CPI (bigger contributor) is expected to be hit until august if oil price dont decline.
+*Energy prices continue to increase in september, this is a category that will need constant monitoring going forward, since the FED dont have control over energy prices.
-*Shelter CPI has now 4 consecutive months of declines in the annual rate, and 2 consecutive months at only 0.4% increase . This moderation is expected to continue.
+*Shelter CPI has now 5 consecutive months of declines in the annual rate, moderating to 0.3% m/m in augugst . This moderation is expected to continue since y/y is still over 7%
 === Outlook ===
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 * The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase, having risen 5.6% in the month, with gasoline rising 10.6%.
 * Food prices rose 0.2% in August while shelter rose 0.3%.
-* Used cars and trucks declined 1.2% in August.
+* Used cars and trucks declined 1.2% in August, and new cars increase 0.3%.
 * Supercore services rose 0.37% on the month, the highest reading since March.
 * Indexes which increased in August include rent, owners’ equivalent rent, motor vehicle insurance, medical care, and personal care.