CPI: Just Right for May

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The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) for the month of May and it did not disappoint. The topline number for CPI, the all items index, met the Bloomberg consensus for a 0.2% month-over-month increase and a rise of 2.8% over the last 12 months.

Much the same as April, the indexes for gasoline and shelter were the largest factors in the seasonally adjusted increase. The gasoline index increased 1.7%, more than offsetting declines in some of the other energy component indexes and led to a 0.9% rise in the energy index. The medical care index rose 0.2% and the food index was unchanged over the month.

The index for all items less food and energy rose 0.2% in May. The shelter index rose 0.3% in May. The indexes for new vehicles, education and communication, and tobacco increased in May, while the indexes for household furnishing and operations, and used cars and trucks fell. The indexes for apparel, recreation, and personal care did not unchange.

The all items index rose 2.8% for the 12 months ending May, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the 12 months ending May. In the same period, the food index increased 1.2%, and the energy index rose 11.7%.