WASHINGTON — Consumer prices rose modestly in May, according to data released by the U.S. Bureau of Labor Statistics, with increases in energy and housing costs contributing to a higher overall Consumer Price Index (CPI) while underlying inflation remained more restrained.
The Bureau of Labor Statistics said the CPI for All Urban Consumers increased by 0.5% on a seasonally adjusted basis in May after rising 0.6% in April. Over the previous 12 months, the index increased 4.2%, according to the agency's June release. The report was published on June 10 and remained the latest official CPI update as of Monday.
Federal officials and economists closely monitor the CPI as a measure of inflation affecting household budgets and broader economic conditions. The May report showed that energy prices accounted for a substantial share of the monthly increase, while shelter costs also continued to rise. Food prices posted a smaller monthly gain, according to the Bureau of Labor Statistics.
“The index for energy rose 3.9 percent in May,” the agency said in its report, adding that the energy category accounted for more than 60% of the overall monthly increase in consumer prices. The shelter index also advanced during the month, while the food index recorded a more limited rise.
Excluding food and energy, the so-called core CPI increased 0.2% in May and rose 2.9% from a year earlier, according to the government data. The report cited increases in categories including medical care, communication services and airline fares, while some vehicle-related and household goods categories declined.
The inflation figures were released ahead of the U.S. Federal Reserve's June policy meeting. The central bank subsequently left interest rates unchanged, with officials indicating that future decisions would continue to depend on incoming economic data, according to public statements following the meeting.
Business groups, consumer advocates and policymakers have continued to monitor inflation developments, particularly those linked to energy markets. Recent increases in import prices were also driven in part by higher fuel costs, according to separate Labor Department data released this month.
As of Monday, the May CPI report remained the most recent official measure of U.S. consumer inflation. Government agencies have not yet released June CPI data, and no revisions to the May figures had been announced.
