June 2023
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in May on a seasonally adjusted basis, after increasing 0.4 percent in April, the U.S. Bureau of Labor Statistics reported. The index for shelter was the largest contributor to the monthly all items increase, followed by an increase in the index for used cars and trucks. The food index increased 0.2 percent in May after being unchanged in the previous 2 months. The index for food at home rose 0.1 percent while the index for food away from home rose 0.5 percent. The energy index, in contrast, declined 3.6 percent as the major energy component indices fell. The index for all items less food and energy rose 0.4 percent in May, as it did in April and March. Indices which increased in May include shelter, used cars and trucks, motor vehicle insurance, apparel, and personal care. The index for household furnishings and operations and the index for airline fares were among those that decreased over the month.
The all items index increased 4.0 percent for the 12 months ending May; this was the smallest 12-month increase since the period ending March 2021. The all items less food and energy index rose 5.3 percent. The energy index decreased 11.7 percent for the 12 months ending May, and the food index increased 6.7 percent.
