Consumer Price Index Increases 1.0% Month-Over-Month and 8.6% Year-Over-Year in May 2022

The U.S. Bureau of Labor Statistics (BLS) reported on Friday (6-10-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0% in May on a seasonally adjusted basis. This follows increases of 0.3% in April, 1.2% in March, and 0.8% in February. Over the past 12 months, the all-item index has increased 8.6% before seasonal adjustment.

The May increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. After declining in April, the energy index rose 3.9% over the month, with the gasoline index rising 4.1% and the other major component indexes also increasing. The food index rose 1.2% in May, as the food at home index increased 1.4%.

The all-items index increased 8.6% for the 12 months ending May, the largest 12-month increase since the period ending December 1981. The all-items less food and energy index rose 6.0% over the last 12 months. The energy index rose 34.6% over the last year, the largest 12-month increase since the period ending September 2005. The food index increased 10.1% for the 12-months ending May, the first increase of 10% or more since the period ending March 1981.

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