US Inflation Rises Again in August 2023, Fueled by Rising Fuel Prices

Economics & Macro

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Cindy Mutia Annur 14/09/2023 12:40 WIB

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The U.S. Bureau of Labor Statistics report shows that overall U.S. annual inflation in August 2023 reached 3.7% (year-on-year/yoy). This increase was partly driven by rising fuel prices.

U.S. Annual Inflation Rate (January 2020-August 2023)

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U.S. Annual Inflation Rate (January 2020-August 2023)

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According to the report from the United States Bureau of Labor Statistics, the US annual inflation rate reached 3.7% (year-on-year/yoy) in August 2023, up from 3.2% (yoy) in July 2023.

This August 2023 increase marks the second time in the past year that inflation has risen, after a 12-month consecutive decline as shown in the graph above.

The increase in US inflation was driven by rising gasoline prices.

“The gasoline index was the largest contributor to the monthly all-items increase,” the US Bureau of Labor Statistics stated in a press release on Wednesday, September 13, 2023.

Citing Reuters (September 13, 2023), gasoline prices in the US reached US$3.98 per gallon in the third week of August 2023, according to data from the US Energy Information Administration.

This is up from US$3.67 per gallon in the third week of July 2023.

Nevertheless, current US inflation remains lower than June of last year, which reached 9.1%. The US central bank, the Federal Reserve (The Fed), aims to reduce inflation to 2% by the end of the year.

A breakdown by commodity shows that in August 2023, the gasoline price index in the US was 3.3% lower year-on-year (yoy), the fuel oil price index was down 14.8% (yoy), and the natural gas price index fell by 16.5% (yoy).

However, the food at home index rose by 3% (yoy), and the food away from home index increased by 6.5% (yoy).

Other commodities also saw price increases compared to last year, including new vehicles, apparel, housing, transportation services, and healthcare products. Among these, transportation services experienced the largest inflation, at 10.3% (yoy).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US Inflation Rises Again in August 2023, Fueled by Rising Fuel Prices

US Inflation Rises Again in August 2023, Fueled by Rising Fuel Prices

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US Inflation Rises Again in August 2023, Fueled by Rising Fuel Prices

US Inflation Rises Again in August 2023, Fueled by Rising Fuel Prices

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Prevalence of Food Consumption Inadequacy in Purbalingga Decreased by 1.45% in the Last Year

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