The U.S. Bureau of Labor Statistics reported the consumer price index rose 0.1% in August. Over the last 12 months, the all items index is up 8.3% before seasonal adjustment, it has remained above the 8% level for six straight months. Increases in the shelter (+0.7%), food (+0.8%), and medical care (+0.8%) indexes were the largest contributors to the seasonally adjusted all items increase. Offsetting the increase was a (-10.6%) decline in the gasoline index. The energy index declined (-5.0%) for the month. The food index increased (+0.8%), the smallest monthly increase since December 2021. The food at home index increased (+ 0.7%), up 13.5% year over year, the largest 12-month increase since March 1979. Core CPI, which excludes the more volatile food and energy costs increased a seasonally adjusted 0.6% in August, up from July’s 0.3% reading. Contributing to the increase were indexes for motor vehicle repair (+1.7%), household furnishings and operations (+1.0%), new vehicles (+0.8%), personal care (+0.6%), education (+0.5%), and apparel (+0.2%). Indexes that saw declines included airline fares (-4.6%), communication (-0.2%), and used cars and trucks (-0.1%). The annual rate of core CPI inflation reported in at 6.3%, up from 5.9% in July. The shelter index is up 6.2% year over year and accounts for about 40% of the total increase in Core CPI.

The US Energy Information Administration reported US commercial crude oil stockpiles increased by 2.4M barrels to 429.6M barrels (2% below the five-year average) for the week ending September 9th. Crude oil refinery inputs averaged 16.0M barrels per day, an increase of 94K barrels per day as compared to the previous week’s average. Gasoline inventories decreased by 1.8M barrels (6% below the five-year average), and distillate inventories increased by 4.2M barrels (21% below the five-year average). Refineries operated at 91.5% of their operable capacity. Gasoline production decreased averaging 9.5M barrels per day. Distillate fuel production decreased averaging 5.0M barrels per day. Crude oil imports came in at 5.8M barrels per day, a decrease of 988K barrels per day as compared to the previous week. Crude oil imports averaged about 6.2M barrels per day over the last four weeks, 2.6% more than the same period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged 522K barrels per day, and distillate fuel imports averaged 125K barrels per day. Total commercial petroleum inventories increased by 5.5M barrels last week.

The Commerce Department reported advance U.S. retail and food services sales rose 3% to $683.3B in August. July’s sales were revised from unchanged to a decline of 0.4%, reflecting the first drop in seven months. Retail sales are up 10.1% year over year. Total sales for June 2022 through August 2022 were up 9.3% year over year. Contributing to the headline number was a 2.8% increase in the sales at motor vehicle and parts dealers. The continued decline in gas prices lead to a 4.2% drop in gas station sales. Sales increased at home centers (+1.1%), clothing stores (+0.4), and grocery stores (+0.2%). Receipts fell in the categories of home furnishings (-1.3%), internet retail (-0.7%), health-care products (-0.6%), and electronics and appliances (-0.1%). The only services category, bars and restaurants, increased (+1.1%). When sales for gas stations and autos are excluded, retail sales increased 0.3%. Core retail sales, a measurement that excludes spending on autos, gasoline, and building materials remained unchanged from July. July’s core retail sales were revised to show sales increasing 0.3% instead of 0.8%.