The Consumer Price Index for All Urban Consumers (CPI-U) grew 1% in May on a seasonally adjusted basis, reported the U.S. Bureau of Labor Statistics. Since this time last year, the all items index rose 8.6% prior to seasonal adjustment.
“The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. After declining in April, the energy index rose 3.9% over the month with the gasoline index rising 4.1% and the other major component indexes also increasing. The food index rose 1.2% in May as the food at home index increased 1.4%.
The index for all items less food and energy rose 0.6% in May, the same increase as in April. While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles. The indexes for medical care, household furnishings and operations, recreation, and apparel also increased in May.
The all items index increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6% over the last 12 months. The energy index rose 34.6% over the last year, the largest 12-month increase since the period ending September 2005. The food index increased 10.1% for the 12-months ending May, the first increase of 10 percent or more since the period ending March 1981,” explained the Bureau of Labor Statistics in its report.
(Source: U.S. Bureau of Labor Statistics)
Energy
In May, the index for energy rose 3.9%. The price of gasoline increased 4.1% for the month after seeing a decrease the previous month. Composite energy indexes had percentage increases including the electricity index by 1.3%, and the natural gas index by 8%, “the largest monthly increase since October 2005”.
“The energy index rose 34.6 percent over the past 12 months. The gasoline index increased 48.7 percent over the span. The index for fuel oil more than doubled, rising 106.7 percent; this represents the largest increase in the history of the series, which dates to 1935. The index for electricity rose 12.0 percent, the largest 12-month increase since the period ending August 2006. The index for natural gas increased 30.2 percent over the last 12 months, the largest such increase since the period ending July 2008,” stated the bureau.
Food
In May, the food index rose 1.2%. The food at home index saw a 1.4% for the month – “the fifth consecutive increase of at least 1%,” remarked the bureau in its monthly report. All six grocery store food composite indexes all experienced percentage increases for the month of May. Additionally, the index for food away from home also edged up 0.7% for the month.
“The food at home index rose 11.9 percent over the last 12 months, the largest 12-month increase since the period ending April 1979. All six major grocery store food group indexes increased over the span, with five of the six rising more than 10 percent. The index for meats, poultry, fish, and eggs increased the most, rising 14.2 percent, with the index for eggs increasing 32.2 percent. The remaining groups saw increases ranging from 8.2 percent (fruits and vegetables) to 12.6 percent (other food at home).
The index for food away from home rose 7.4 percent over the last year, the largest 12-month change since the period ending November 1981. The index for full-service meals rose 9.0 percent over the last 12 months, and the index for limited-service meals rose 7.3 percent over the last year. The index for food at employee sites and schools fell 30.5 percent over the last 12 months, reflecting widespread free lunch programs,” said the bureau.
(Source: U.S. Bureau of Labor Statistics)
All Items Less Food and Energy
The all items less food and energy index increased 0.6% in May. The index for shelter rose 0.6%, the largest monthly percentage rise seen since March 2004. Both the index for rent and the owners’ equivalent rent index increased by 0.6%, respectively.
“The index for all items less food and energy rose 6% over the past 12 months. The increase was broad-based, reflecting advances in almost all major component indexes. The shelter index rose 5.5% over the last year, the largest 12-month increase since the period ending February 1991. The index for household furnishings and operations increased 8.9% over the last 12 months. The index for new vehicles rose 12.6% and the index for used cars and trucks increased 16.1% over the year, while the index for airline fares rose 37.8%,” stated the US Bureau of Labor Statistics.
Source cited: https://www.bls.gov/news.release/archives/cpi_06102022.htm
Sarah has been writing on the topics of politics, history and finance for over a decade. She is currently an editor at CPI Inflation Calculator, covering the topics of CPI, inflation, US economy and economic commentary.
