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Consumer prices up 0.4% in August as used car prices surge

Consumer prices up 0.4% in August as used car prices surge Photo: WDIO/MGN

MARTIN CRUTSINGER AP Economics Writer
Created: September 11, 2020 09:06 AM

WASHINGTON (AP) - U.S. consumer prices rose 0.4% in August as used car prices surged by the largest amount in 51 years. The Labor Department reported Friday that the August increase in the consumer price index reflected some moderation following big gains of 0.6% in both June and July as the pace of energy price gains slowed.

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However, there were still areas which showed bigger price increases, led by a 5.4% jump in used car prices, the biggest monthly gain since March 1969.

New car prices were unchanged in August but analysts predicted prices there likely to rise in coming months, reflecting supply shortages. Motor vehicle production closed completely during the spring as the pandemic shut down wide swaths of the economy.

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MARTIN CRUTSINGER AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

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