Total CPI increased 0.6% month-over-month in May (Briefing.com consensus 0.4%), with a 7.3% increase in the index for used cars and trucks accounting for about one-third of that increase.
Core CPI, which excludes food and energy, jumped 0.7% (Briefing.com consensus 0.4%).
On a year-over-year basis, total CPI was up 5.0% (vs. 4.2% in April), which was the largest increase since August 2008. Core CPI was up 3.8% year-over-year (vs. 3.0% in April), which was its largest increase since June 1992!
The food index increased 0.4% month-over-month in May.
The energy index was unchanged, heled back by a 0.7% decline in the gasoline index.
The apparel index was up 1.2% month-over-month.
The shelter index increased 0.3% month-over-month.
The medical care index was up 0.9% over the last 12 months, marking its smallest increase since March 1941!
The key takeaway from the report, aside from it showing broad-based price increases, is that one can see the potential for stickier inflation looking at just the last six months when pandemic base effects weren't fully depressed. To wit, total CPI is running at an annualized rate of 5.8% over the last six months while core CPI is running at an annualized rate of 4.0%.| MAY | APR | MAR | FEB | JAN | |
|---|---|---|---|---|---|
| All Items | 0.6% | 0.8% | 0.6% | 0.4% | 0.3% |
| Food and Beverages | 0.4% | 0.4% | 0.1% | 0.1% | 0.1% |
| Housing | 0.4% | 0.5% | 0.3% | 0.2% | 0.0% |
| Equivalent Rent | 0.3% | 0.2% | 0.2% | 0.3% | 0.1% |
| Apparel | 1.2% | 0.3% | -0.3% | -0.7% | 2.2% |
| Transportation | 2.1% | 2.5% | 2.7% | 1.1% | 1.1% |
| Vehicles | 4.0% | 4.6% | 0.5% | -0.3% | -1.0% |
| Motor Fuel | -0.7% | -1.4% | 9.1% | 6.4% | 7.4% |
| Medical Care | -0.1% | 0.1% | 0.1% | 0.3% | 0.4% |
| Educ and Commun | 0.3% | 0.3% | -0.1% | 0.1% | 0.0% |
| Special Indices | |||||
| Core | 0.7% | 0.9% | 0.3% | 0.1% | 0.0% |
| Energy | 0.0% | -0.1% | 5.0% | 3.9% | 3.5% |
| Services | 0.4% | 0.6% | 0.4% | 0.3% | 0.0% |
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