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Monday, June 25, 2018 2:15:34 AM EDT

CPI Updated 12-Jun-18 09:19AM ET

Total CPI increased 0.2% ( consensus +0.3%), led by gains in the indexes for gasoline (+1.7%) and shelter (+0.3%).

Core CPI, which excludes food and energy, also increased 0.2%, as expected, and was bolstered largely by the shelter index.

On a year-over-year basis, total CPI was up 2.8%, versus 2.5% in April. Core CPI was up 2.2%, versus 2.1% in April.

The energy index jumped 0.9% in May

The food index was flat in May, as a 0.2% decline in the index for food at home was offset by a 0.3% increase in the index for food away from home

The key takeaway from the Consumer Price Index for May is that it validated the expectation for a 25 basis points rate hike by the FOMC at its June meeting and provided some backing for the prevailing expectation among Fed members that there will be at least three rate hikes in 2018.
All Items0.2%0.2%-0.1%0.2%0.5%
Food and Beverages0.0%0.3%0.1%0.0%0.2%
Equivalent Rent0.2%0.3%0.3%0.2%0.3%
Motor Fuel1.7%3.0%-4.9%-0.9%5.7%
Medical Care0.2%0.1%0.4%-0.1%0.4%
Educ and Commun0.4%0.0%-0.2%-0.2%0.1%
Special Indices