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June 13, 2023US CONSUMER PRICE INDEX, MAY 2023 The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 4.0% year-over-year in May 2023. This was below the 4.9% increase reported in April 2023 and the smallest increase since the period ending March 2021. Compared to May 2022, prices were higher in food (6.7%), shelter (8.0%) and lower in energy (-11.7%). The CPI excluding food and energy rose 5.3%
The month-over-month (seasonally adjusted) change in the CPI was 0.1% in May 2023, down from 0.4% in April 2023. Over the past month, the largest contributor to the monthly increase was shelter, followed by used cars/trucks. The indexes for household furnishings and operations and airline fares declined. The food index was up 0.2% and energy index was down 3.6% over the previous month. The CPI excluding food and energy index was up 0.4%.
Note:
Canada and Nova Scotia May 2023 CPI figures will be released on June 27, 2023.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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