by Calculated Risk on 6/10/2022 08:32:00 AM
seasonally adjusted basis after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 8.6 percent before
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 percent over the month with the
gasoline index rising 4.1 percent and the other major component indexes also increasing. The food
index rose 1.2 percent in May as the food at home index increased 1.4 percent.
The index for all items less food and energy rose 0.6 percent 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
6.0 percent over the last 12 months. The energy index rose 34.6 percent over the last year, the
largest 12-month increase since the period ending September 2005. The food index increased 10.1
percent for the 12-months ending May, the first increase of 10 percent or more since the period
ending March 1981.
The consensus was for 0.7% increase in CPI, and a 0.5% increase in core CPI. Both were above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.