by Calculated Risk on 6/10/2021 08:32:00 AM
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent
in May on a seasonally adjusted basis after rising 0.8 percent in April, the
U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the
all items index increased 5.0 percent before seasonal adjustment; this was the
largest 12-month increase since a 5.4-percent increase for the period ending
The index for used cars and trucks continued to rise sharply, increasing
7.3 percent in May. This increase accounted for about one-third of the
seasonally adjusted all items increase. The food index increased 0.4 percent in
May, the same increase as in April. The energy index was unchanged in May, with
a decline in the gasoline index again offsetting increases in the electricity
and natural gas indexes.
The index for all items less food and energy rose 0.7 percent in May after
increasing 0.9 percent in April. Many of the same indexes continued to increase,
including used cars and trucks, household furnishings and operations, new
vehicles, airline fares, and apparel. The index for medical care fell slightly,
one of the few major component indexes to decline in May.
The all items index rose 5.0 percent for the 12 months ending May; it has been
trending up every month since January, when the 12-month change was 1.4 percent.
The index for all items less food and energy rose 3.8 percent over the last
12-months, the largest 12-month increase since the period ending June 1992. The
energy index rose 28.5 percent over the last 12-months, and the food index
increased 2.2 percent.
CPI and core CPI were well above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.