Overall inflation jumped up to 3.7% year-over-year and 0.6% month-over-month on a 5.6% jump in overall energy inflation month-over-month in August 2023.
Month-over-month, electricity was up 0.2%, gasoline was up 10.6%, piped utility gas was up 0.6%, fuel oil and other fuels were up 8.4%. Meanwhile food was up 0.2%.
Core inflation (overall inflation less food and energy) increased mom 0.3% and is still running 4.4% yoy.
Services inflation is still running high at 5.4% yoy, less rent of shelter at 3.1% yoy.
Shelter inflation rose mom 0.3% in both measures, and 7.2% yoy seasonally adjusted.
Going forward I expect inflation pressures to persist because of Biden administration green energy fantasies and hatred of fossil fuels combining with OPEC+ production cuts continuing indefinitely.
