The decline in gas prices nearly offset increases in the cost of food, shelter and electricity, as those items continue to see price increases.
As gas prices decreased in August, the overall price of goods held relatively steady during the month, according to new data from the Bureau of Labor Statistics.
The BLS reported on Tuesday that the Consumer Price Index is up 8.3% in the 12-month period ending in August, a decrease from 8.5% the month before, and down from the June 2022 peak of 9.1%. Overall, the price of goods and services increased .1% in August. The slowing inflation of July and August was largely due to a decline in gas prices. The cost of gas dropped 10.6% in August, the BLS reported.In the last year, the cost of food overall has gone up 11.4%. In the month of August alone, prices increased by .8%. Food at home in particular has increased at historic levels.
The price of housing continues to increase as well, as it jumped 6.2% in the 12-month period ending in August. While most necessities have seen large price increases in the last year, some items have seen price decreases. The cost of a new TV has declined 19.1%, while jewelry prices dropped 1.2%. Smartphone prices are 20.4% lower than a year ago.
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