By Nick Dobbins
June 2022
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported. The increase was broad-based, with the indices for shelter, gasoline, and food being the largest contributors. After declining in April, the energy index rose 3.9 percent over the month with the gasoline index rising 4.1 percent and the other major component indices also increasing. The food index rose 1.2 percent in May as the food at home index increased 1.4 percent. The index for all items less food and energy rose 0.6 percent, the same increase as in April. While almost all major components increased over the month, the largest contributors were the indices for shelter, airline fares, used cars and trucks, and new vehicles. The indices for medical care, household furnishings and operations, recreation, and apparel also increased.
The all items index increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.0 percent over the last 12 months. The energy index rose 34.6 percent over the last year, the largest 12-month increase since the period ending September 2005. The food index increased 10.1 percent for the 12-months ending May, the first increase of 10 percent or more since the period ending March 1981.
