The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in May on a seasonally
adjusted basis, after increasing 0.4 percent in April, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 4.0 percent before
seasonal adjustment.The index for shelter was the largest contributor to the monthly all items increase, followed by
an increase in the index for used cars and trucks. The food index increased 0.2 percent in May
after being unchanged in the previous 2 months. The index for food at home rose 0.1 percent over
the month while the index for food away from home rose 0.5 percent. The energy index, in
contrast, declined 3.6 percent in May as the major energy component indexes fell.The index for all items less food and energy rose 0.4 percent in May, as it did in April and
March. Indexes which increased in May include shelter, used cars and trucks, motor vehicle
insurance, apparel, and personal care. The index for household furnishings and operations and
the index for airline fares were among those that decreased over the month.The all items index increased 4.0 percent for the 12 months ending May; this was the smallest
12-month increase since the period ending March 2021. The all items less food and energy index
rose 5.3 percent over the last 12 months. The energy index decreased 11.7 percent for the 12
months ending May, and the food index increased 6.7 percent over the last year.
emphasis added
CPI was slightly lower than expected and core CPI at expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.