Inflation · September 15, 2026 · 2 min read

U.S. Consumer Price Index Rises 0.4% in August as Energy Costs Advance

Published September 15, 2026 • Updated September 15, 2026

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The U.S. Consumer Price Index for All Urban Consumers rose 0.4% on a seasonally adjusted basis in August 2026, driven higher by a 3.9% gain in gasoline prices, while annual headline inflation held steady at 3.4% and core inflation moderated slightly to 2.4% year-over-year.

The Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis in August 2026, accelerating from a 0.1 percent increase in July. Over the 12 months ending in August, the all items index rose 3.4 percent prior to seasonal adjustment, matching the annual pace recorded in the previous month. The monthly acceleration was significantly driven by energy prices, particularly gasoline, which advanced 3.9 percent in August and accounted for more than a third of the overall headline CPI increase. The broader energy index gained 2.1 percent over the month and is up 16.3 percent on an unadjusted year-over-year basis. Core CPI, which excludes volatile food and energy components, increased 0.3 percent in August after rising 0.2 percent in July. On a 12-month basis, core inflation decelerated slightly to 2.4 percent in August from 2.5 percent in July. Shelter costs remained an upward factor, increasing 0.3 percent over the month following a 0.1 percent rise in July. Food prices posted a modest 0.1 percent monthly gain, with food at home remaining flat and food away from home increasing 0.3 percent. Other components showing upward movement included transportation services such as airline fares, as well as education and used vehicles, while medical care and motor vehicle insurance indexes posted declines. Economic analysts note that short-term monthly fluctuations in headline price measures often reflect volatile energy market conditions rather than broad-based demand pressures. While the year-over-year core measure continues its gradual moderating trend toward long-term historical averages, policymakers and researchers evaluate underlying price trends across extended periods to distinguish transitory price spikes from sustained inflationary pressures.

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