Consumer prices in the USA rose with 0.6 % in August, as the petrol prices increased with the highest rate for more than three years, said the Ministry of Labour on Friday. Gas prices rose with 9% last month and this let to about four-fifths of the increase in consumer prices. Food prices have increased by the much smaller 0.2%.
Except for the volatile costs for food and energy, the so-called basic index of the consumer price rose with 0.1 %. Consumer prices rose with 1.7% during the last 12 months and 1.9% of the base, in the purpose of the Federal Reserve for the inflation.
The jump in consumer prices, along with no change in wage growth, led to a decline of 0.7% in average hourly earnings for U.S. workers during the month.
Meanwhile, retail sales in the USA rose to a seasonally adjusted 0.9% in August, because, according to the Commerce Department, the cost for cars and petrol has risen sharply. With the exception of cars that can have a huge impact on the report, retail sales rose with 0.8 %. The growth in sales, however, is due mainly to higher petrol prices, as consumers have to pay more to pump it. Petrol stations reported a 5.5 % increase in sales, the biggest increase since November 2009. Car sales rose with 1.3 % last month, while purchases at bars and restaurants advanced with 0.5%. Sales decreased in stores that sell electronics, appliances, clothing and general merchandise.
In July, the increase in retail sales was revised down to 0.6% according to its initial value of 0.8%. Over the past 12 months retail sales in the USA increased by 4.7%.