The Consumer Price Index (CPI) rose 2.0% on a year-over-year basis in August, increasing at the slowest pace since February 2021, and down from a 2.5% gain in July 2024.
The deceleration in headline inflation in August was due, in part, to lower prices for gasoline, due to a combination of lower prices and a base-year effect. Excluding gasoline, the CPI rose 2.2% in August, down from 2.5% in July.
Mortgage interest cost and rent remained the largest contributors to the increase in the CPI in August.
On a monthly basis, the CPI fell 0.2% in August, after a 0.4% increase in July. The monthly decline was led by lower prices for air transportation, gasoline, clothing and footwear and travel tours. On a seasonally adjusted monthly basis, the CPI rose 0.1% in August.
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