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Consumer Goods Prices and Inflation

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Inflation roared back in August, thanks to gas prices

Housing costs also continue to climb

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If you felt the effects of rising prices last month, it wasn’t your imagination. The Labor Department reports the August Consumer Price Index (CPI) jumped 0.6% from July. Over the last 12 months, the inflation rate is 3.7%.

The price of gasoline was the biggest driver of inflation. The price at the pump surged 10.6% from July but was down 3.3% from August 2022. AAA reports gas prices have plateaued at about the same level as a month ago.

Housing costs also continued to ri...

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