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MNI BRIEF: US May CPI Jumps 1.0%, More Than Expected

(MNI) Washington

U.S. inflation again rising at faster pace than anticipated by analysts, with headline prices up 8.6% y/y.

USDataPolicyData BriefData StoriesBriefStoryRegionNorth America

U.S. CPI inflation jumped 1.0% in May after rising 0.3% in April as gasoline prices rebounded, while core CPI rose 0.6%, same as the previous month. Both were more than market analysts expected. On a 12-month basis, CPI rose 8.6%, the most since December 1981, and core CPI rose 6.0%.

Headline CPI was boosted by energy and food prices. The energy index rose 3.9% from April as gasoline spiked 4.1%. The food index rose 1.2%, with food at home increasing 1.4%. The Core CPI was led by shelter costs, rising 0.6%, the most since March 2004, with owners' equivalent rent rising 0.6%. Airfares continued to rise by 12.6% in the month, slightly slower than in April. Used cars and trucks rebounded by 1.8% after falling in the previous three months.

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U.S. CPI inflation jumped 1.0% in May after rising 0.3% in April as gasoline prices rebounded, while core CPI rose 0.6%, same as the previous month. Both were more than market analysts expected. On a 12-month basis, CPI rose 8.6%, the most since December 1981, and core CPI rose 6.0%.

Headline CPI was boosted by energy and food prices. The energy index rose 3.9% from April as gasoline spiked 4.1%. The food index rose 1.2%, with food at home increasing 1.4%. The Core CPI was led by shelter costs, rising 0.6%, the most since March 2004, with owners' equivalent rent rising 0.6%. Airfares continued to rise by 12.6% in the month, slightly slower than in April. Used cars and trucks rebounded by 1.8% after falling in the previous three months.

Keep reading...Show less