The cost of living eased in the Bay Area in August on a yearly basis, largely due to tame prices for groceries and other items, but gasoline prices skyrocketed in the region, a government report released Friday shows.
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The Bay Area inflation rate rose 3.4% over the one-year period that ended in August, which was significantly less than the 3.8% annual increases that occurred in both April and June, the U.S. Bureau of Labor Statistics reported.
The nationwide inflation rate also rose 3.4% in August on a yearly basis, according to the report. The federal government provides inflation updates for the Bay Area only every other month.
Among the major factors behind the improvement in the Bay Area’s cost of living: Food prices rose 3.1% in August, far less than the 5.2% annual jump in June.
Grocery price increases moderated, rising just 2.2% in August on a yearly basis, a big improvement from the jumps of 6% in June and 4.4% in July, according to the release from the federal agency.
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The cost of restaurant meals remained elevated, however, as the price for food away from home rose 4.1% in August, roughly the same as the increases in April and June.
Gasoline prices soared 22.5% higher in August in the Bay Area compared to the year before.
Bay Area unleaded gasoline costs have increased by more than 20% on an annual basis over five consecutive months in the wake of the sky-high crude oil prices arising from the U.S. war with Iran.
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