The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent on a seasonally adjusted basis in May, after rising 0.2 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the…
Source: U.S. Bureau of Labor Statistics6 min read
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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent on a seasonally adjusted basis in May, after rising 0.2 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment.
The index for shelter rose 0.3 percent in May and was the primary factor in the all items monthly increase. The food index increased 0.3 percent as both of its major components, the index for food at home and the index for food away from home also rose 0.3 percent in May. In contrast, the energy index declined 1.0 percent in May as the gasoline index fell over the month.
The index for all items less food and energy rose 0.1 percent in May, following a 0.2-percent increase in April. Indexes that increased over the month include medical care, motor vehicle insurance, household furnishings and operations, personal care, and education. The indexes for airline fares, used cars and trucks, new vehicles, and apparel were among the major indexes that decreased in May.
The all items index rose 2.4 percent for the 12 months ending May, after rising 2.3 percent over the 12 months ending April. The all items less food and energy index rose 2.8 percent over the last 12 months. The energy index decreased 3.5 percent for the 12 months ending May. The food index increased 2.9 percent over the last year.
Food
The index for food increased 0.3 percent in May, after falling 0.1 percent in April. The food at home index also rose 0.3 percent over the month. Three of the six major grocery store food group indexes increased in May, while the other three declined. The index for other food at home rose 0.7 percent in May, after falling 0.1 percent in April. The cereals and bakery products index rose 1.1 percent over the month and the fruits and vegetables index rose 0.3 percent.
In contrast, the index for meats, poultry, fish, and eggs fell 0.4 percent in May as the index for eggs decreased 2.7 percent. The nonalcoholic beverages index declined 0.3 percent over the month and the dairy and related products index decreased 0.1 percent.
The food away from home index rose 0.3 percent in May. The index for full service meals rose 0.3 percent over the month and the index for limited service meals also increased 0.3 percent.
The index for food at home rose 2.2 percent over the 12 months ending in May. The meats, poultry, fish, and eggs index rose 6.1 percent over the last 12 months as the eggs index increased 41.5 percent. The index for other food at home increased 1.4 percent over the same period, while the index for nonalcoholic beverages rose 3.1 percent. The dairy and related products index increased 1.7 percent over the 12 months ending in May and the cereals and bakery products index rose 1.0 percent over the year. In contrast, the index for fruits and vegetables decreased 0.5 percent over the same period.
The food away from home index rose 3.8 percent over the last year. The index for full service meals rose 4.2 percent and the index for limited service meals rose 3.5 percent over the same period.
Energy
The index for energy decreased 1.0 percent in May, after rising 0.7 percent in April. The gasoline index decreased 2.6 percent over the month. (Before seasonal adjustment, gasoline prices decreased 0.7 percent in May.) The index for natural gas decreased 1.0 percent over the month, while the index for electricity increased 0.9 percent over the same period.
The energy index decreased 3.5 percent over the past 12 months. The gasoline index fell 12.0 percent over this 12-month span and the fuel oil index fell 8.6 percent over the same period. In contrast, the index for electricity increased 4.5 percent over the last 12 months and the index for natural gas rose 15.3 percent.
All items less food and energy
The index for all items less food and energy rose 0.1 percent in May, following a 0.2-percent increase in April. The shelter index increased 0.3 percent over the month. The index for owners' equivalent rent rose 0.3 percent in May and the index for rent increased 0.2 percent. The lodging away from home index fell 0.1 percent in May.
The medical care index increased 0.3 percent over the month, following a 0.5-percent increase in April. The index for hospital services increased 0.4 percent in May and the index for prescription drugs rose 0.6 percent. The physicians' services index fell 0.3 percent over the month.
The motor vehicle insurance index rose 0.7 percent in May, after rising 0.6 percent in April. The index for household furnishings and operations increased 0.3 percent over the month. The personal care index increased 0.5 percent in May, and the education index rose 0.3 percent. In contrast, the index for airline fares fell 2.7 percent in May, after declining 2.8 percent in April. The used cars and trucks index fell 0.5 percent over the month, and the new vehicles index (-0.3 percent) and apparel index (-0.4 percent) also declined.
The index for all items less food and energy rose 2.8 percent over the past 12 months. The shelter index increased 3.9 percent over the last year. Other indexes with notable increases over the last year include medical care (+2.5 percent), motor vehicle insurance (+7.0 percent), household furnishings and operations (+2.7 percent), and recreation (+1.8 percent).
Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.4 percent over the last 12 months to an index level of 321.465 (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 2.2 percent over the last 12 months to an index level of 314.839 (1982-84=100). For the month, the index increased 0.2 percent prior to seasonal adjustment.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 2.1 percent over the last 12 months. For the month, the index increased 0.2 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.
Rebasing of selected Consumer Price Index series
With the publication of July 2025 data on August 12, 2025, several CPI series will be rebased to December 2024 = 100. When new base years are introduced, BLS recalculates each index back to the beginning of that series to ensure continuity. A complete list of indexes to be rebased is available at www.bls.gov/cpi/additional-resources/rebased-series.htm.
Changes to wireless telephone services source data and methodology
With the release of July 2025 data on August 12, 2025, BLS will replace the survey data collected for the CPI's wireless telephone services index with secondary source data and non-traditional index methods.
A paper on "Use of alternative data and methods in the CPI for wireless telephone services" will be posted to our website on July 15, 2025, and a new factsheet "Measuring Price Change in the CPI: Wireless Telephone Services" will be posted to our website on August 11, 2025.
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MortgageRates.news analysis · Historical context
The mortgage market around this release
This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.
Read consumer inflation on a consistent basis
The Consumer Price Index measures changes in prices paid by urban consumers for a basket of goods and services. Check the index, reference month and seasonal adjustment before comparing figures. A monthly change and a twelve-month change describe different periods; the all-items index and the measure excluding food and energy cover different baskets. Consumer inflation informs the wider policy discussion, but the benchmark comparison below does not isolate this release from other information arriving during the month. BLS Consumer Price Index.
Nearest published observation on or before each target date
Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.
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What that benchmark difference would mean for a $300,000 loan
At the publication reference$1,965.78/month
6.85% · Jun 5, 2025
At the later reference$1,939.82/month
6.72% · Jul 10, 2025
The illustrative principal-and-interest payment is $25.96 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.
Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.
Sources, historical coverage and calculation limits
Freddie Mac Primary Mortgage Market Survey®: available observations from Apr 2, 1971 through Nov 5, 2026. Cached history snapshot. History retrieved or verified Nov 11, 2026.
U.S. Department of the Treasury: available observations from Jan 4, 2016 through Nov 10, 2026. Cached history snapshot. History retrieved or verified Nov 11, 2026.
The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.
Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.