Market Updates
CPI In May Dropped to 4.0%
Brian Turner
13 Jun, 2023
New York City
Consumer price index for May eased to 4.0% in May on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported Tuesday.
The inflation rate dropped to the slowest pace since March 2021, but prices are still rising at a faster pace than preferred by the Federal Reserve.
On a monthly basis prices rose 0.1% in May, slower than 0.4% rise in April.
Core inflation, which excludes food and energy, slowed to 5.3% in May from 5.5% in April, the slowest annual pace since November 2021.
The shelter index increased 8.0% over the last year, accounting for over 60% of the total increase in all items less food and energy.
Other indexes with notable increases over the last year include motor vehicle insurance up 17.1%, recreation 4.5%, household furnishings and operations 4.2%, and new vehicles 4.7%.
On a monthly basis, the index for all items less food and energy or core inflation, rose 0.4% in May, as it did in April and March.
The shelter index increased 0.6% over the month after rising 0.4% in April and the index for rent rose 0.5% in May, as did the index for owners' equivalent rent.
On a monthly basis, food prices rose 0.2%, energy prices declined 3.6% and gasoline prices plunged 5.6%.
New car prices decreased 0.1% but used cars and trucks prices rose 4.4%.
Elevated home and rental prices were main drivers of inflation and shelter cost increased 0.6% from the previous month in May.
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