Inflation · September 15, 2026 · 2 min read

U.S. CPI Rises 0.4% in August 2026 as Energy Costs Accelerate Headline Inflation

Published September 15, 2026 • Updated September 15, 2026

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The U.S. Consumer Price Index increased 0.4 percent on a seasonally adjusted basis in August 2026, driven largely by higher gasoline prices, while the unadjusted year-over-year headline rate remained at 3.4 percent.

The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers increased 0.4 percent in August 2026 on a seasonally adjusted basis, accelerating from a 0.1 percent rise in July. Over the 12 months ending in August, headline consumer prices grew 3.4 percent before seasonal adjustment, mirroring the annual pace recorded in the prior month. The monthly increase was driven significantly by energy commodity prices, led by a 3.9 percent surge in the gasoline index that accounted for more than one-third of the total monthly advance across all items. The broader energy index rose 2.1 percent over the month, while food prices recorded a modest 0.1 percent increase. Core CPI, which excludes volatile food and energy components, advanced 0.3 percent in August following a 0.2 percent gain in July. On a 12-month unadjusted basis, core consumer price inflation moderated slightly to 2.4 percent, down from 2.5 percent in July. Within core indexes, shelter costs increased 0.3 percent during the month, with additional upward pressure from communication, lodging away from home, airline fares, education, and used vehicles. Conversely, indexes for medical care and motor vehicle insurance declined. Overall, while the mild cooling in annual core inflation reflects steady broader trends, the pickup in monthly headline inflation emphasizes continued vulnerability to energy price movements as policymakers evaluate economic conditions.

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