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Special Report

Inflation Research Brief

September 2022

Rising Core Inflation Keeps Fed Alert;
Food, Fuel Costs Hold CRE Implications

Headline and core inflation trend in opposite directions. In August, the headline Consumer Price Index recorded a year-over-year increase of 8.3 percent, slightly below the 8.5 percent rise recorded the month prior. The core CPI measure, excluding food and energy, advanced at a faster pace, however, ascending 6.3 percent year-over-year in August compared to 5.9 percent in July. This dichotomy is due to the influence of a sharp drop in gasoline prices on the headline measure. The greater expenses associated with food, housing, medical care and other necessities underscores the persistence of the current inflation pressures stemming from the ongoing global logistics challenges and broad-based shortage of labor. 

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