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The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in May on a seasonally adjusted basis, after increasing 0.4% in April, the U.S. Bureau of Labor Statistics reported today.
Over the last 12 months, the all-items index increased by 4% before the 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% in May after being unchanged in the previous 2 months. The index for food at home rose 0.1% over the month while the index for food away from home rose 0.5%. The energy index, in contrast, 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 April and March. Indexes that 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% for the 12 months ending May; this was the smallest 12-month increase since the period ending March 2021. 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 May, and the food index increased by 6.7% over the last year.
The food index rose 0.2% in May. The food at home index increased 0.1% over the month, following a 0.2-percent decrease in April. Three of the six major grocery store food group indexes increased over the month. The index for fruits and vegetables increased 1.3% in May, following a 0.5-percent decrease in April. The other food at home index rose 0.4% over the month, and the nonalcoholic beverages index increased 0.7%.
The index for meats, poultry, fish, and eggs decreased 1.2% in May, as the index for eggs fell 13.8%, the largest decrease in that index since January 1951. The dairy and related products index declined 1.1% over the month, and the cereals and bakery products index was unchanged in May.
The food away from home index rose 0.5% in May. The index for full service meals increased 0.4% over the month and the index for limited service meals increased 0.5%.
The food at home index rose 5.8% over the last 12 months. The index for cereals and bakery products rose 10.7% over the 12 months ending in May. The remaining major grocery store food groups posted increases ranging from 0.3% (meats, poultry, fish, and eggs) to 9.2% (other food at home).
The index for food away from home rose 8.3% over the last year. The index for full service meals rose 6.8% over the last 12 months, and the index for limited service meals rose 8.0% over the same period.
The energy index fell 3.6% in May after rising 0.6% in April. The gasoline index decreased 5.6% in May, following a 3.0-percent increase in the previous month. (Before seasonal adjustment, gasoline prices fell 1.4% in May.)
Other energy components also declined. The natural gas index decreased 2.6% over the month, the fourth consecutive decrease in that index. The index for electricity decreased 1.0% in May, after falling 0.7% in both April and March. The fuel oil index also declined in May, down 7.7%.
The energy index fell 11.7% over the past 12 months. The gasoline index decreased 19.7 percent over the last 12 months, while the natural gas index fell 11.0%, and the fuel oil index fell 37.0% over the span. In contrast, the index for electricity rose 5.9% over the last year.
The index for all items less food and energy rose 0.4% in May, as it did in April and March. The shelter index increased 0.6% over the month after rising 0.4% in April.
The index for rent rose 0.5% in May, as did the index for owners' equivalent rent. The index for lodging away from home increased 1.8% in May after decreasing 3.0% in April.
The shelter index was the largest factor in the monthly increase in the index for all items less food and energy. Among the other indexes that rose in May was the index for used cars and trucks,
which increased 4.4%, and the index for motor vehicle insurance which increased 2%. The indexes for apparel, personal care, and education also increased in May.
Several indexes declined in May, led by the household furnishings and operations index which fell 0.6% over the month. This was the first decline in that index since June 2021 and also the largest one-month decline since August 2009. The index for airline fares decreased 3.0% over the month, following a 2.6-percent decline in April. The index for communication fell 0.3% over the month. The index for new vehicles and the index for recreation each declined 0.1% in May.
The medical care index increased 0.1% in May, after being unchanged the previous month. The index for hospital services rose 1.0% over the month, after a 0.5-percent increase in April. The prescription drugs index increased 0.1% in May, while the physicians' services index declined 0.5%.
The index for all items less food and energy rose 5.3% over the past 12 months. The shelter index increased 8.0% over the last year, accounting for over 60% of the total increase in all items less food and energy. Other indexes with notable increases over the last year include motor vehicle insurance (+17.1%), recreation (+4.5%), household furnishings and operations (+4.2%), and new vehicles (+4.7%).