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The CPI rose 0.1 percent (1.1 percent annual rate) in August. Energy prices fell for the second month in a row, with both gasoline and energy services from utilities indexes falling at annualized rates of −1.1 percent and −7.6 percent, respectively. Overall, the energy index declined at an annualized rate of 3.5 percent in August.
The change in the core CPI was essentially the same as that for the all items index, 0.1 percent (1.5 percent annual rate). The Federal Reserve Bank of Cleveland-based measures of underlying inflation increased at about the same pace in August: 0.2 percent (2.0 percent annual rate) for the median CPI and 0.1 percent (1.5 percent annual rate) for the trimmed-mean CPI. On a year-over-year basis, these three measures of underlying inflation continue to show considerable stability. The twelve-month change in the median CPI has been 2.1 percent since March, while the core CPI and the trimmed-mean CPI have fluctuated in a band of 0.2 percentage points since then. Over the past twelve months, the core CPI rose 1.8 percent and the trimmed-mean CPI rose 1.7 percent. The year-over-year change in the all items index has fluctuated from 1.1 percent in April to 1.5 percent in August.
In the previous six months, 30 to 50 percent of prices (on a weighted basis) fell between 1 and 3 percent, but only 16.4 percent were in that range in August. The distribution of prices changes increased noticeably in all other ranges.