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U.S. CPI in May increased 0.6% following a larger 0.8% gain in April, the Bureau of Labor Statistics said Thursday. From a year earlier, CPI was up 5%, beating expectations for an increase to 4.7% and the highest y/y percent increase since August 2008.
Prices of used cars and trucks rose sharply in May, increasing 7.3% over April and accounting for roughly one-third of the m/m increase, the BLS said. The food index was up 0.4%, the same as April, and the energy index was unchanged, with a decline in gas prices offsetting increases in electricity and natural gas prices. From a year earlier, food prices were up 2.2% and energy costs rose 28.5%.
Excluding food and energy, CPI was up 0.7% m/m and 3.8% y/y, the largest y/y increase since 1992.