The Consumer Price Index for All Urban Consumers (CPI-U) dropped 0.1% in May, after plummeting 0.8% in April, reported the US Bureau of Labor Statistics. This percentage is on a seasonally adjusted basis.
The all items index has edged up 0.1% before seasonal adjustment, over the past year.
(Source: US Bureau of Labor Statistics)
Energy Index
The index for energy dropped 1.8% in May, after plunging 10.1% in April (which marked the steepest monthly decline for the index since November 2008). Gas prices dropped 3.5% in May, after plunging 20.6% in April. The index for electricity also decreased 0.8%, which was the largest one month drop since May 2015, stated the US Bureau of Labor Statistics. Conversely in May, the natural gas index increased by 0.8%.
Overall over the last 12-month period, the index for energy declined 18.9%, with all major energy indexes seeing significant decreases. Gas prices plunged33.8%, and the fuel oil index likewise plummeted 37.5%. In addition, the natural index fell 0.3%, and the electricity index dropped 0.2% over the past 12 months.
Food Index
In May, the food index rose by 0.7%. The increase was contributed to the 3.7% rise in the index for meats, poultry, fish, and eggs, stated the US Bureau of Labor Statistics. Additionally, the bureau reported that the beef index soared 10.8% in May, marking the largest monthly increase of the index since records have been kept.
Over the last 12 months, the food at home index has risen 4.8%. The index for meats, poultry, fish, and eggs rose 10% since this time last year. This marks the steepest 12-month rise in this index since May 2004, reported the bureau.
(Source: US Bureau of Labor Statistics)
All Items Less Food and Energy Index
In May, the all items less food and energy index dropped 0.1%. Component indexes all saw declined including motor vehicle insurance by 8.9%, the apparel index by 2.3%, and the airline fare index by 4.9%. Conversely, the shelter index increased by 0.2%, as did the medical care index by 0.5%.
Over the last 12-month period, the index for all items less food and energy increased by 1.2%. The index for shelter edged up 2.5%, as did the medical care index by 4.9%. Component indexes that saw major decreases were the airline fare index by 28.8% and motor vehicle insurance by 14.3%, reported the US Bureau of Labor Statistics.
Source cited: https://www.bls.gov/news.release/archives/cpi_06102020.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.
