{"id":5672,"date":"2022-10-07T08:04:57","date_gmt":"2022-10-07T15:04:57","guid":{"rendered":"https:\/\/goldshorecapital.ca\/?p=5672"},"modified":"2022-10-15T05:32:08","modified_gmt":"2022-10-15T12:32:08","slug":"consumer-price-index-august-2022","status":"publish","type":"post","link":"https:\/\/goldshorecapital.ca\/chi\/consumer-price-index-august-2022\/","title":{"rendered":"Consumer Price Index, August 2022"},"content":{"rendered":"<p>In August, the Consumer Price Index (<a>CPI<\/a>) rose&nbsp;7.0% on a year-over-year basis, down from a&nbsp;7.6% gain in July. This was the second consecutive slowdown in the year-over-year price growth and was largely driven by lower gasoline prices in August compared with July.<\/p>\n\n\n\n<p>Excluding gasoline, prices rose&nbsp;6.3% year over year in August, following a&nbsp;6.6% increase in July. This is the first month since June&nbsp;2021&nbsp;that the year-over-year&nbsp;<a>CPI<\/a>, excluding gasoline, has slowed.<\/p>\n\n\n\n<p>On a monthly basis, the&nbsp;<a>CPI<\/a>&nbsp;fell&nbsp;0.3% in August, the largest monthly decline since the early months of the COVID-19&nbsp;pandemic. On a seasonally adjusted monthly basis, the&nbsp;<a>CPI<\/a>&nbsp;was up&nbsp;0.1%, the smallest gain since December&nbsp;2020.<\/p>\n\n\n\n<p>Transportation (+10.3%) and shelter (+6.6%) prices drove the deceleration in consumer prices in August. Moderating the slowing in prices were sustained higher prices for groceries, as prices for food purchased from stores (+10.8%) rose at the fastest pace since August&nbsp;1981&nbsp;(+11.9%).<\/p>\n\n\n\n<p>Price growth for goods and services both slowed on a year-over-year basis in August. As non-durable goods (+10.8%) decelerated due to lower prices at the pump, services associated with travel and shelter services contributed the most to the slow down in service prices (+5.5%). Prices for durable goods (+6.0%), such as passenger vehicles and appliances, also grew at a slower rate in August.<\/p>\n\n\n\n<p>In August,&nbsp;<a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/220909\/dq220909a-eng.htm\">the average hourly wages rose&nbsp;5.4%<\/a>&nbsp;on a year-over-year basis, meaning that, on average, prices rose faster than wages. Although Canadians experienced a decline in purchasing power,&nbsp;<a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/220816\/dq220816a-eng.htm\">the gap was smaller than in July<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>In August, the Consumer Price Index (CPI) rose&nbsp;7.0% on a year-over-year basis, down from a&nbsp;7.6% gain in July. This was the second consecutive slowdown in the year-over-year price growth and was largely driven by lower gasoline prices in August compared with July. Excluding gasoline, prices rose&nbsp;6.3% year over year in August, following a&nbsp;6.6% increase in [&hellip;]<\/p>","protected":false},"author":3,"featured_media":5673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[62],"class_list":["post-5672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-cpi"],"aioseo_notices":[],"acf":[],"_links":{"self":[{"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/posts\/5672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/comments?post=5672"}],"version-history":[{"count":2,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/posts\/5672\/revisions"}],"predecessor-version":[{"id":5764,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/posts\/5672\/revisions\/5764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/media\/5673"}],"wp:attachment":[{"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/media?parent=5672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/categories?post=5672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldshorecapital.ca\/chi\/wp-json\/wp\/v2\/tags?post=5672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}