The Consumer Price Index (CPI) rose 1.4% on a year-over-year basis in August, following a 1.2% gain in July.

Prices were up in six of the eight major CPI components in the 12 months to August, with the transportation and shelter indexes contributing the most to the year-over-year rise. The clothing and footwear index and the household operations, furnishings and equipment index declined on a year-over-year basis.

Transportation costs rose 2.8% on a year-over-year basis in August, following a 1.9% increase the previous month. As in July, gasoline prices contributed the most to the gain in transportation prices and to their acceleration. The gasoline index rose 8.6% in the 12 months to August, following a 4.6% increase in July. Air transportation costs grew at a greater rate on a year-over-year basis in August than in July. In contrast, the rail, highway bus and other inter-city transportation index rose less on a year-over-year basis in August.