The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services. The CPI is based on prices of food, clothing, shelter, and fuels, transportation fares, charges for doctors’ and dentists’ services, drugs and the other goods and services that people buy for day-to-day living.
This tracker is updated monthly using Consumer Price Index data from the U.S. Bureau of Labor Statistics.
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The most recent data release was Sept. 13, 2022.
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The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 8.3% before seasonal adjustment.
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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% decline in the gasoline index. The food index continued to rise, increasing 0.8% over the month as the food at home index rose 0.7%. The energy index fell 5% over the month as the gasoline index declined, but the electricity and natural gas indexes increased.
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Prices in the Chicago-Naperville-Elgin area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), increased 0.1% in August, the U.S. Bureau of Labor Statistics reported. Regional Commissioner Jason Palmer noted that the food index rose 0.7%, and the energy index fell 6.6% in August. The all items less food and energy index was up 0.7%. Within the all items less food and energy category, prices were higher over the month for shelter, apparel, and recreation but lower for public transportation and other goods and services.
Over the last 12 months, the CPI-U increased 8.8%. The index for all items less food and energy rose 6% over the year. Energy prices rose 36.5%, largely the result of increases in the indexes for gasoline and utility (piped) gas service. Food prices advanced 10.6%.
(The Chicago-Naperville-Elgin, IL-IN-WI, Core Based Statistical Area covered in this release is comprised of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will Counties in Illinois; Jasper, Lake, Newton, and Porter Counties in Indiana; and Kenosha County in Wisconsin.)
Food prices increased 0.7% for the month of August. Prices for groceries advanced 0.5% as three of the six major grocery store food group indexes increased over the month.
What increased
Categories increasing included fruits and vegetables, 2.0%; meats, poultry, fish, and eggs, 1.1%; and other food at home (includes sugar, sweets, fats, and oils, for example), 0.5%.
What decreased
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The index for nonalcoholic beverages and beverage materials decreased 1.4%, cereals and bakery products fell 0.6%, while dairy and related products was unchanged. Food prices away from home (restaurant, cafeteria, and vending purchases) rose 1.2% for the same period.
Over the year, food prices increased 10.6%. Prices for food at home advanced 12.3% since a year ago. All six major grocery store food group indexes increased over the year. The index for other food at home rose 13.4%, fruits and vegetables advanced 12.7%, and meats, poultry, fish, and eggs advanced 9.6%. Food prices away from home were up 8% compared with August 2021.
