CPI Increases on Higher Energy Prices

The Consumer Price Index increased 0.4% in May on a seasonally adjusted basis, led by sharp increases in prices for gasoline. Prices are unchanged from one year ago, a slight improvement from the 0.1% decline reported last month.

The energy index gained 4.3% in May, led by a 10.4% gain in gasoline prices. Fuel oil also increased in May, though only by 0.7%. Electricity prices declined 1.2% after remaining flat in April. On a yearly basis, the energy index fell 16.3%.

Non-food and non-energy items increased 0.1% on the month, after a 0.3% increase in April. The index for new vehicles gained 0.2% on the month and 0.8% over the last 12 months. Medical care commodities increased 0.4% and transportation services increased by 0.7%. Apparel costs posted a decline of 0.5% for the month and are down 1.5% for the year.

The food index was unchanged for the second month in a row, as the index for food at home declined by -0.2%, while the index for food away from home increased 0.2%. On a yearly basis, the food index rose 1.6%, due largely to increases to food away from home. Read the BLS release.