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Inflation Punctured

Latest Consumer Price Index released, showing a cooldown of inflation

The U.S. Bureau of Labor Statistics (BLS) released its latest CPI (Consumer Price Index) on Wednesday, revealing less inflation than in past months.

The CPI measures inflation by looking at certain goods and services costs across the U.S. economy. According to the latest numbers, the CPI remained flat month-over-month in May and rose 3.3% year-over-year, slightly better than expectations. While the latest annual inflation figure remains above the Fed's 2% target, it has fallen from a 9.1% peak in 2022, hovering between 3.1% and 3.5% since October 2023. For a summary from the BLS, see the chart below and the ensuing news release; for the entire document with detailed sections on certain industries, click this link.

(NOTE: This news release was reissued on June 12, 2024, to correct an error in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) paragraph of the news release. The release incorrectly stated that the 1-month percent change decreased 0.1 percent prior to seasonal adjustment. The CPI-W increased 0.1 percent prior to seasonal adjustment.)

"The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a 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 3.3 percent before seasonal adjustment.

More than offsetting a decline in gasoline, the index for shelter rose in May, up 0.4 percent for the fourth consecutive month. The index for food increased 0.1 percent in May. The food away from home index rose 0.4 percent over the month, while the food at home index was unchanged. The energy index fell 2.0 percent over the month, led by a 3.6-percent decrease in the gasoline index.

The index for all items less food and energy rose 0.2 percent in May, after rising 0.3 percent the preceding month. Indexes which increased in May include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation, and apparel were among those that decreased over the month.

The all items index rose 3.3 percent for the 12 months ending May, a smaller increase than the 3.4-percent increase for the 12 months ending April. The all items less food and energy index rose 3.4 percent over the last 12 months. The energy index increased 3.7 percent for the 12 months ending May. The food index increased 2.1 percent over the last year."

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