Gas Prices May Be Down, But Inflation Still Over 8%

Here’s what the Federal government reports about inflation:

Consumer Price Index Summary

CONSUMER PRICE INDEX - AUGUST 2022

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.

Increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase. 

These increases were mostly offset by a 10.6-percent decline in the gasoline index. 

The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. 

The energy index fell 5.0 percent over the month as the gasoline index declined, but the electricity and natural gas indexes increased.

The index for all items less food and energy rose 0.6 percent in August, a larger
increase than in July. 

The indexes for shelter, medical care, household furnishings and operations, new vehicles, motor vehicle insurance, and education were among those that increased over the month. 

There were some indexes that declined in August, including those for airline fares, communication, and used cars and trucks. 

The all items index increased 8.3 percent for the 12 months ending August, a smaller
figure than the 8.5-percent increase for the period ending July. 

The all items less food and energy index rose 6.3 percent over the last 12 months. 

The energy index increased 23.8 percent for the 12 months ending August, a smaller increase than the 32.9-percent increase for the period ending July. 

The food index increased 11.4 percent over the last year, the largest 12-month increase since the period ending May 1979. [Emphasis added.]

Comments

Gas Prices May Be Down, But Inflation Still Over 8% — 11 Comments

  1. Inflation still at 8.3% in the presence of gas dropping over $1 a gallon is VERY ominous.

    The presumption WAS that inflation was largely DUE to the stain on the economy costs associated with transportation and energy costs.

    If energy/transportation costs drop by 20% and inflation STILL rises 8.3%, we have a MUCH bigger economic slide than anyone thought.

    This is horrible news, folks.

  2. Seen it before, 79-81.

    Arab Oil Embargo/Crisis

    Today

    Democrat Oil Embargo/Spending Spree.Crisis

  3. Own log sheet for gas purchases, “Regular”, grade shows $2.20 per gallon on Dec 10,2020 in Trump’s last full month in office.

    On May 1, 2021, “Regular went up one dollar to $3.20.

    This was 100 days after Joe Robinette Biden took office and started his reckless oil/energy policy.

    By Dec 31, 2021 it went up to $3.56.

    The escalation continued in 2022 with a peak price of $5.30 on Jun 10, 2022.

    Recently, Sept 10, 2022, it was $4.10 which is still almost double the cost from when Trump was our President.

    So, dollar per gallon amounts: 2.20, 3.20, 3.56, 5.30, 4.10.

    A horrible record per the destructive and insane oil/energy policies per the doofus, reckless Joseph Robinette Biden.

    On a side note, when will gasoline stations, if ever, stop using the ridiculous tenths of a penny price and always at .9?

    Round it.

    This nonsense has been going on for decades.

  4. And with the looming rail strike, we can expect prices and the inflation to even go much higher.

    One has to wonder what the Transportation Secretary is doing.

    He was hands off on the backlog of ships waiting to come to port, and now we have a looming rail strike on his watch.

    So Secretary Butt – igieg, if you want to run for the WH after dementia Joe does not run in 2024, you better pay attention.

  5. Buttegieg can’t win anything any more due his obvious deficits.

    Harris can’t win anything any more due her obvious deficits.

    Same with Granholm, etc., etc., etc.

  6. Gas price us only fown because demand has fallen and the degenerate Biden coup has looted the petroleum reserve.

    Wait till after election day.

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