By Tom Burnett CFA
On June 10, 2022, the Bureau of Labor Statistics released the Consumer Price Index information for the month of May. Prices rose 1.0% in May, compared to an increase of 0.3% in April. Energy prices increased 3.9% in May after declining 2.7% in April. Food prices rose 1.2% in May. For the year ending in May, the CPI rose by 8.6%, the largest increase since December 1981.
The Core (excluding food and energy) Index increased 0.6% in May, unchanged from the April increase. Over the past year, the Core Index increased by 6.0%.
Energy prices are up by 34.6% for the latest 12 months with food prices now 10.1% higher than a year ago.
The next CPI report will be released on July 13, 2022.