Consumer Price Index Increases 0.1% in May; All-Item Index Up 4.0% Year-Over-Year

The US Bureau of Labor Statistics on Wednesday (6-13-23) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in May on a seasonally adjusted basis, after increasing 0.4 in April and 0.1% in March. Over the past 12 months, the all-item index has increased 4.0% before seasonal adjustment.

According to the BLS, the index for shelter once again was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks. The food index increased 0.2% in May after being unchanged in the previous two months. The index for food at home rose 0.1% over the month, while the index for food away from home increased 0.5%. The energy index declined 3.6% in May, as the major energy component indexes fell.

The index for all items less food and energy rose 0.4 in May, as it did in both April and March. In May, the following categories posted increases: 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 items that decreased over the month.

The all-items index increased 4.0% for the 12 months ending in May. This was the smallest 12-month increase since the period ending in March 2021. The all-items less food and energy index rose 5.3% over the last 12 months. The energy index decreased 11.7% for the 12 months ending in May, while the food index increased 6.7% year-over-year.