One indicator of inflation that is frequently cited is the relative price change of the value of goods and services. This metric is measured through the Consumer Price Index (CPI). CPI consists of a bundle of goods and services, including food, energy, rent, and transportation. In August, CPI increased by 0.4%, totaling an increase of 1.3% over the prior twelve months. However, while short-term relative price change may be painful, it does not always reflect long-term price change. Inflation occurs when the entire basket of goods and services increases, therefore short-term increases are not always indicative of long-term inflation. The high levels of unemployment that the economy has experienced since the beginning of the pandemic, reported at 8.4% for August, means that increases to services like shelter (one-third of CPI) are likely a component of inflationary pressure that will not come to bear for some time.