May 2015 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in May on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index was unchanged before seasonal adjustment.

The gasoline index increased sharply in May, rising 10.4 percent and accounting for most of the seasonally adjusted all items increase. Other energy indexes were mixed, with the fuel oil index rising but the electricity index declining and the index for natural gas unchanged. The food index was unchanged for the second month in a row, as a decline in the food at home index offset an increase in the index for food away from home.

The index for all items less food and energy rose 0.1 percent in May, its smallest increase since December. The indexes for shelter, airline fares, and medical care all increased, as did the indexes for personal care, recreation, new vehicles, alcoholic beverages, and tobacco. In contrast, the indexes for apparel, for household furnishings and operations, and for used cars and trucks all declined in May.

The all items index was unchanged for the 12 months ending May after showing a 0.2-percent decline for the 12 months ending April. The energy index fell 16.3 percent over the last 12 months, with the gasoline index down 25.0 percent despite rising in May. The food index increased 1.6 percent over the last year, and the index for all items less food and energy rose 1.7 percent.

Seasonally adjusted changes from preceding month Un- adjusted Nov. Dec. Jan. Feb. Mar. Apr. May 12-mos. 2014 2014 2015 2015 2015 2015 2015 ended May 2015

Consumer Price Index Data for May 2015

Food

The food index was unchanged in May. As was the case in April, the index for food away from home rose but the food at home index declined. Four of the six major grocery store food group indexes declined in May, led by the dairy and related products index, which fell 0.7 percent. The index for meats, poultry, fish, and eggs declined 0.5 percent, with the index for beef and veal falling 0.1 percent, its first decline since January 2014. The index for nonalcoholic beverages fell 0.2 percent as the coffee index declined, and the index for cereals and bakery products fell 0.1 percent. In contrast to these declines, the index for fruits and vegetables increased 0.3 percent as the fresh vegetables index rose 1.2 percent, more than offsetting a decline in the fresh fruits index. The index for other food at home also rose in May, increasing 0.1 percent. The food at home index rose 0.6 percent for the 12 months ending May. Four of the six major grocery store food groups increased over this span, led by meats, poultry, fish, and eggs, which increased 2.1 percent. The indexes for dairy and related products and for fruits and vegetables declined over the last year. The index for food away from home rose 0.2 percent in May and has risen 3.0 percent over the past 12 months.

Energy

The energy index rose 4.3 percent in May after declining in April. The gasoline index, which fell in April, rose 10.4 percent in May. (Before seasonal adjustment, gasoline prices rose 10.5 percent in May.) The index for fuel oil also increased in May, though the increase was only 0.7 percent. The index for natural gas, which had declined 4 months in a row, was unchanged in May. The electricity index declined in May, falling 1.2 percent after being unchanged in April. The electricity index has increased 0.5 percent over the last 12 months, its smallest 12-month increase since January 2013. The other energy components have sharply declined over the last 12 months: fuel oil has fallen 27.6 percent, gasoline has declined 25.0 percent, and natural gas has decreased 15.4 percent.

All items less food and energy

The index for all items less food and energy increased 0.1 percent in May following a 0.3 percent increase in April. The shelter index, which rose 0.3 percent in April, increased 0.2 percent in May. The indexes for rent and owners' equivalent rent both rose 0.3 percent, but the index for lodging away from home turned down in May, falling 2.0 percent. The index for airline fares, which had declined 5 of the last 6 months, rose sharply in May, increasing 5.7 percent. The medical care index rose 0.2 percent in May after increasing 0.7 percent in April. The hospital services index rose 0.5 percent and the index for prescription drugs advanced 0.4 percent. The personal care index rose 0.3 percent in May, while the recreation index increased 0.1 percent. Also increasing in May were the indexes for new vehicles (0.2 percent), tobacco (0.4 percent), and alcoholic beverages (0.2 percent). In contrast to these increases, the apparel index declined 0.5 percent in May. The index for household furnishings and operations fell 0.3 percent, and the index for used cars and trucks decreased 0.4 percent.

The index for all items less food and energy has risen 1.7 percent over the past 12 months, a slight decline from the 1.8-percent increase for the 12 months ending April. The shelter index has risen 2.9 percent over the last year, the medical care index has increased 2.8 percent, and the new vehicles index has advanced 0.8 percent. The indexes for airline fares, apparel, and used cars and trucks have all declined over the past 12 months.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) was virtually unchanged over the last 12 months, with a May 2015 index level of 237.805 (1982-84=100). For the month, the index rose 0.5 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) decreased 0.6 percent over the last 12 months to an index level of 232.908 (1982-84=100). For the month, the index rose 0.6 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) declined 0.3 percent over the last 12 months. For the month, the index rose 0.6 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.

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