(Chart: 12-month percentage change in the CPI on selected categories)

(TUE 9/13/22)

CPI Slips Slightly, Not Enough: The Consumer Price Index slipped just a bit in August to an annual rate of 8.3%, from 8.5% annually in July, the Commerce Department said Tuesday. It is not enough for Wall Street, where the Dow Jones Industrial Averages fell nearly 4% by late afternoon, anticipating a likely three-quarter interest rate hike from the Federal Reserve when they meet next week. The CPI reached a four-decade high of 9.1% annually for June.

Leading price increases in August were shelter, food (+0.8%), food at home (+0.7%) and medical care, partly offset by a 10.6% drop in the gasoline index. The energy index was off 5.0%. 

Used cars and trucks dropped by 0.1% to an annual inflation rate of 7.8%, though new vehicle prices rose 0.8% for the month, to a 10.1% annual rate.

AAA reports…The national average for a price of regular unleaded gasoline was $3.707 per gallon on Tuesday, down from $3.779 one week ago. This compares to a record-high $5.016 per gallon per AAA data for June 14.

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DOJ Issues More than 30 Subpoenas, Seize Two Phones in 1/6 Probe: The Justice Department issued more than 30 subpoenas in its January 6 Capitol insurrection inquiry in the last week, according to joint reporting by The New York Times and CNN, and seized electronic devices of Trump advisor Boris Epshteyn and campaign strategist Mike Roman in the swing states’ “fake electors” attempt. Among subpoena recipients was ex-President Trump’s former social media director, David Scavino. 

Former New York City police commissioner and friend of former America’s Mayor Rudy Giuliani, Bernard Kerik, who promoted baseless claims of voter fraud in the 2020 election, was issued a subpoena by the U.S. Attorney’s Office in Washington, D.C. Kerik has been implicated in alleged plans to overturn the election for Trump in Congress’ official Electoral College count on January 6.

--Todd Lassa