SAVANNAH, Ga. (WSAV) — Buyers stretching towards relief from elevated prices will have to wait longer. In August, inflation was at an 8.3% annual rate, only slightly down from the previous month and still close to a 40-year high, according to the Consumer Price Index (CPI).
According to the CPI, meats, poultry, fish and eggs increased by 0.5% last month. Over the past 12 months, it has increased by 10.6% and over. Cereal and cereal products were up 17.4%.
Shelter for renters increased from 0.5% in July to 0.7% in August. Currently, the average rent for apartments in Savannah is between $1,530 for a studio and $1,802 for a three-bedroom according to Rent.com.
Retail gasoline prices have continued to drop, falling 10.6% in August. That follows a 7.7% decline in July. But gasoline prices are still 25.6% higher than they were a year ago according to the CPI.
In response to inflation impacting gasoline rates, Gov. Brian Kemp recently extended the suspension of state gas taxes until Oct. 12, resulting in the Peach State continuing to have one of the lowest gas prices in the nation.
“As the battle against skyrocketing inflation rages on, Georgians continue to feel the pressure to stay afloat,” Lt. Governor Geoff Duncan said in a written statement. “I commend Governor Kemp for once again extending the suspension of the gas tax which is helping Georgians lessen the economic burden we’re facing at the pump.”
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas.