Here are a few measures of inflation:
The first graph is the one Fed Chair Powell had mentioned earlier when services less rent of shelter was up 7.6% year-over-year. This has fallen sharply and is now up 3.1% YoY.
This graph shows the YoY price change for Services and Services less rent of shelter through July 2023.
Services less rent of shelter was up 3.1% YoY in August, down from 3.3% YoY in July.
Commodities less food and energy commodities were up 0.4% YoY in August, down from 0.9% YoY in July.
Shelter was up 7.2% year-over-year in August, down from 7.7% in July. Housing (PCE) was up 7.8% YoY in July, down from 8.0% in June.
The BLS noted this morning: “The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase. Also contributing to the August monthly increase was continued advancement in the shelter index, which rose for the 40th consecutive month.”