Updated: 11-Sep-26 09:23 ET

August CPI

Updated: 11-Sep-26 09:23 ET

Highlights

• Total CPI was up 0.4% month-over-month in August, as expected, while core CPI, which excludes food and energy, was up 0.3% (Briefing.com consensus: 0.2%).
• With these changes, the year-over-year increase in total CPI was 3.4%, as expected, unchanged from July, and core CPI was up 2.4%, down from 2.5% in July.

Key Factors

• The food index was up 0.1% month-over-month and up 2.7% year-over-year.
• The energy index was up 2.1% month-over-month and up 16.3% year-over-year.
• The shelter index was up 0.3% month-over-month and up 3.0% year-over-year.
• The used cars and trucks index was up 0.4% month-over-month but down 2.3% year-over-year.
• The apparel index was unchanged month-over-month and up 3.9% year-over-year.
• The services index was up 0.3% month-over-month and up 3.1% year-over-year.
• The all-items index, less food, shelter, and energy, was up 0.3% month-over-month and up 2.0% year-over-year.
• From August 2025 to August 2026, real average hourly earnings for all employees decreased 0.3%, seasonally adjusted. Real average hourly earnings on a month-over-month basis decreased 0.1%.

Big Picture

• The key takeaway from the report is that it wasn't good enough to put September rate-hike fears to rest.

Category	AUG	JUL	JUN	MAY	APR
All Items	0.4%	0.1%	-0.4%	0.5%	0.6%
Food and Beverages	0.1%	0.1%	0.2%	0.2%	0.5%
Housing	0.2%	0.1%	0.0%	0.2%	0.7%
Equivalent Rent	0.2%	0.3%	0.2%	0.3%	0.5%
Apparel	0.0%	0.1%	-0.6%	0.3%	0.6%
Transportation	1.2%	-0.5%	-2.5%	1.3%	1.3%
Vehicles	0.3%	0.2%	0.0%	-0.2%	-0.2%
Motor Fuel	3.9%	-2.9%	-9.7%	7.0%	5.4%
Medical Care	-0.2%	0.4%	-0.1%	0.3%	-0.1%
Educ and Commun	1.6%	0.6%	-0.8%	0.8%	0.0%
Special Indices
Core	0.3%	0.2%	0.0%	0.2%	0.4%
Energy	2.1%	-1.5%	-5.7%	3.9%	3.8%
Services	0.3%	0.2%	0.0%	0.3%	0.6%