May 2024 Consumer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

(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.

Food

The food index rose 0.1 percent in May after being unchanged in April. The index for food at home was unchanged in May. Two of the six major grocery store food group indexes decreased over the month, two were unchanged, and the remaining two had price advances. The index for dairy and related products decreased 0.5 percent in May, led by a 1.3-percent decline in the index for milk. The nonalcoholic beverages index declined 0.3 percent over the month. The index for other food at home and the index for fruits and vegetables were both unchanged in May.

The index for meats, poultry, fish, and eggs increased 0.2 percent in May, after decreasing 0.7 percent in April. The index for cereals and bakery products also increased 0.2 percent over the month.

The food away from home index rose 0.4 percent in May, after rising 0.3 percent in the previous two months. The index for full service meals rose 0.4 percent, and the index for limited service meals increased 0.2 percent over the month.

The food at home index rose 1.0 percent over the last 12 months. The index for meats, poultry, fish, and eggs rose 2.4 percent over the last 12 months, and the index for other food at home increased 1.0 percent. Over the same period, the nonalcoholic beverages index rose 1.3 percent, and the fruits and vegetables index increased 0.6 percent. The index for cereals and bakery products rose 0.7 percent in the last year. In comparison, the dairy and related products index fell 1.0 percent over the year.

The index for food away from home rose 4.0 percent over the last year. The index for limited service meals rose 4.5 percent over the last 12 months, and the index for full service meals rose 3.5 percent over the same period.

Energy

The energy index fell 2.0 percent in May, after rising 1.1 percent in April. The gasoline index decreased 3.6 percent in May. (Before seasonal adjustment, gasoline prices fell 0.5 percent in May.) The natural gas index decreased 0.8 percent over the month, and the fuel oil index decreased 0.4 percent. The index for electricity was unchanged in May.

The energy index increased 3.7 percent over the past 12 months. The gasoline index rose 2.2 percent, and the electricity index increased 5.9 percent over this 12-month span. The index for natural gas increased 0.2 percent over the last 12 months and the index for fuel oil rose 3.6 percent over the same period.

All items less food and energy

The index for all items less food and energy rose 0.2 percent in May. The shelter index increased 0.4 percent in May and was the largest factor in the monthly increase in the index for all items less food and energy. The index for rent rose 0.4 percent over the month, as did the index for owners' equivalent rent. The lodging away from home index decreased 0.1 percent in May, after falling 0.2 percent in April.

The medical care index rose 0.5 percent in May after rising 0.4 percent in April. The index for prescription drugs rose 2.1 percent over the month, and the index for hospital services increased 0.5 percent. The physicians' services index was unchanged in May.

The used cars and trucks index rose 0.6 percent in May, following a 1.4-percent decrease in April. The index for education increased 0.4 percent over the month.

The index for airline fares fell 3.6 percent in May, following a 0.8-percent decrease in April. Over the month, the new vehicles index fell 0.5 percent, the communication index decreased 0.3 percent, and the recreation index declined 0.2 percent. The indexes for apparel, household furnishings and operations, motor vehicle insurance, and personal care also declined in May.

The index for all items less food and energy rose 3.4 percent over the past 12 months. The shelter index increased 5.4 percent over the last year, accounting for over two thirds of the total 12-month increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+20.3 percent), medical care (+3.1 percent), recreation (+1.3 percent), and personal care (+2.9 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.3 percent over the last 12 months to an index level of 314.069 (1982-84=100). For the month, the index increased 0.2 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.3 percent over the last 12 months to an index level of 308.163 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.2 percent over the last 12 months. For the month, the index increased 0.1 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.