June 14, 2023
The U.S. Bureau of Labour Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in May 2023, on a seasonally adjusted basis after rising 0.4% in April. The all-items index rose by 4.0% before seasonal adjustment over the last year. This reflects the weakest 12-month gain since the year ending March 2021. Over the past 12 months, the index for all-items less food and energy increased by 5.3%. For the 12 months ending in May, the energy index fell by 11.7%, while the food index rose by 6.7%.
The index for shelter contributed the most to the monthly increase in all-items, followed by a rise in the index for used cars and trucks. After being constant for the previous two months, the food index rose 0.2% in May. The food at home index increased 0.1% during the month, but the food away from home index increased by 0.5%. In contrast, the energy index lost 3.6% in May as the major energy component indices declined.
Like in April and March, the index for all-items less food and energy increased by 0.4% in May. The indices for shelter, used cars and trucks, motor vehicle insurance, apparel, and personal care all saw increases in May. However, the index for household furnishings and operations and the airline fares index fell during the month.
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