Consumer Price Index for All Urban Consumers Increases 0.6% in May, 5.0% Year-Over-Year

The U.S. Bureau of Labor Statistics (BLS) announced on Thursday (6-10-21) the Consumer Price Index for all Urban Consumers (CI-U) increased 0.6% in May, on a seasonally adjusted basis, after rising 0.8% in April. Over the last 12 months, the all items index increased 5.0% before seasonal adjustment. This is the largest 12-month increase since a 5.4% increase for the period ending August 2008. The BLS noted that the index for used cars and trucks continue to sharply rise, increasing 7.3% in May. This increased accounted for over a third of the seasonally-adjusted all-items increase. The index for all items less food and energy rose 0.7% in May, after a 0.9% increase in April. The BLS is reporting that nearly all major component indexes increased in May. For the twelve months ending in May 2021, the all items index rose 5.0%; it has been trending up every month since January, when the twelve-month change was 1.4%. The index for all items less food and energy rose 3.8% over the last 12-months, the largest increase since the period ending June 1992. The energy index rose 28.5% over the last 12-months, while food index increased 2.2%.