CPI-U declined 0.1 percent vs 0.0 expected; less food and energy rose 0.1 percent vs 0.2 expected

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  • Overall CPI-U: The Consumer Price Index for All Urban Consumers (CPI-U) remained unchanged in May on a seasonally adjusted basis, following a 0.3% increase in April. Over the last 12 months, the all items index rose by 3.3% before seasonal adjustment.
  • Shelter Index: The index for shelter increased by 0.4% in May, marking the fourth consecutive month of growth. This offset the decline in gasoline prices.
  • Food Index: The food index increased by 0.1% in May. Specifically:
    • Food at home (groceries) remained unchanged.
    • Food away from home (restaurant meals) rose by 0.4%.
  • Energy Index: The energy index fell by 2.0% in May, primarily due to a 3.6% decrease in the gasoline index.
  • Core CPI (Excluding Food and Energy): The index for all items less food and energy rose by 0.2% in May, following a 0.3% increase in the preceding month. Notable increases included shelter, medical care, used cars and trucks, and education. However, indexes for airline fares, new vehicles, communication, recreation, and apparel decreased.
  • Annual Inflation: Over the 12 months ending in May, the all items index rose by 3.3%, slightly lower than the 3.4% increase for the 12 months ending in April. The core index (excluding food and energy) increased by 3.4%, while the energy index rose by 3.7%, and the food index increased by 2.1%.
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