Consumer Price Index Unchanged in May; All-Item Index Up 3.3% Year-Over-Year

On Wednesday, the US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, following a 0.3% increase in April and 0.4% increases in both March and February. Over the past 12 months, the all-items index has increased 3.3% before seasonal adjustment.

The decline in gasoline prices was more than offset by a 0.4% increase in shelter costs in May. The increase in shelter costs marked the fourth consecutive monthly increase in the sector. The index for food increased 0.1%. The food away from home index rose 0.4% over the month, while the food at home index was unchanged. The energy index declined 2.0%, led by a 3.6% decline in the gasoline index.

The index for all items less food and energy increased 0.2% in May, following a 0.3% increase in April and a 0.4% increase in each of the preceding three months. Indexes that increased include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation, and apparel were among those that decreased over the month.

The all-items index increased 3.3% for the 12 months ending in May, a smaller increase than the 3.4% increase in April. The all items less food and energy index rose 3.4%. The energy index increased 3.7%, while the food index increased 2.1%.