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June 10, 2022US CONSUMER PRICE INDEX, MAY 2022 The United States Consumer Price Index for All Urban Consumers increased 8.6% year-over-year in May. This was above the 8.3% increase reported in April 2022. The increase was broad-based with the largest contributions from shelter, gasoline and food. US inflation was previously higher in December 1981.
The seasonally adjusted monthly increase was 1.0%, accelerating from the 0.3% rise last month. The food index was up 1.2%, the eighteenth consecutive monthly increase. After declining in April, the energy index rose 3.9% due to increases in gasoline and other major components The index for all items less food and energy was up 0.6% in May with increases in almost all major components for the month. The largest contributors were in shelter, airline fares, used cards and trucks and new vehicles. Indexes for medical care, household furnishings and operations, recreation and apparel were up all up.
The 12-month change in the CPI - all items less food and energy decelerated to a 6.0% increase in May 2022. Over the past 12 months, the energy index is up 34.6% with gasoline up 48.7%. The food index increased 10.1% compared to May 2021, the largest 12-month increase since March 1981.
Note:
Canada and Nova Scotia May 2022 CPI figures will be released on June 15, 2022.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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