June 12, 2024
The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, following a 0.3 percent increase in April, according to the U.S. Bureau of Labor Statistics. Over the past 12 months, the all items index surged by 3.3 percent before seasonal adjustment.
In May, the index for shelter rose by 0.4 percent, marking the fourth consecutive month of increase, more than offsetting the decline in the gasoline index. The overall food index saw a modest increase of 0.1 percent, with food away from home rising by 0.4 percent, while the food at home index remained unchanged. On the other hand, the energy index experienced a decline of 2.0 percent, primarily due to a significant 3.6-percent decrease in the gasoline index.
The index for all items excluding food and energy rose by 0.2 percent in May, following a 0.3-percent increase in the previous month. Notable increases were observed in the indexes for shelter, medical care, used cars and trucks, and education. Conversely, the indexes for airline fares, new vehicles, communication, recreation, and apparel experienced declines over the same period.
Over the 12 months ending in May, the all items index increased by 3.3 percent, slightly lower than the 3.4-percent increase recorded for the 12 months ending in April. The all items index excluding food and energy saw a 3.4-percent rise over the past year. The energy index showed a 3.7-percent increase, while the food index rose by 2.1 percent over the same period.
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