By Tom Burnett CFA
On June 13, 2023, the Bureau of Labor Statistics released its May report on Consumer Price Index information. The CPI rose 0.1% in May, following an increase of 0.4% in April. Over the past 12 months, the Index has risen by 4.0%, compared to a 12-month increase of 4.9% in April. The 12-month increase is the smallest since April 2021. In June 2022, the 12-month increase was 9.1%.
The Core Index, excluding food and energy, rose 0.4% in May, as it did in April and March. Over the past 12 months, the Core Index rose 5.3% with the Energy Index declining 11.7% and the Food Index climbing 6.7%. The Core Index 12-month rate of increase has hovered between 5.0% and 6.0% for each month of 2023.
The next CPI report will be issued on July 12, 2023.
Tom Burnett CFA is Director of Research