The latest Consumer Price Index (CPI) report from the Bureau of Labor Statistics (BLS) shows very little estimated inflation - just 0.1 percent in August. Over the past year, the CPI increased just 1.76 percent, in line with recent history of 2% or less.
But remember that the CPI is an aggregate statistic and includes prices of typical U.S. consumers. When the inflation rate is 2%, many prices rise faster than 2% and many prices even fall. The table below shows the change in selected prices over the past year in the United States.
College tuition and fees increased just 2.5% and textbook prices were actually flat. Gasoline prices fell over the course of the year and gasoline spending takes up about 4% of the typical consumer budget.