Keeping you up to date on the latest data releases.
The CPI rose at an annualized rate of 2.0 percent in May, settling down after five months of gasoline fueled increases that have left its near-term (6-month annualized) growth rate at an elevated 5.1 percent. Over the past year, the CPI is up 3.6 percent. Gasoline prices slipped down 21.1 percent in May, falling for the first time since last June, helping to pull overall energy prices down 11.2 percent during the month (household energy prices rose 5.9 percent in May, slightly less than over the past three months). Food prices rose 4.3 percent in May, roughly in line with its 12-month growth rate of 3.5 percent. Excluding food and energy prices, the (“core”) CPI jumped up 3.5 percent in May—its sharpest monthly increase since May 2006—helping to push its near-term (3-month annualized) growth rate up from 2.1 percent to 2.5 percent and add 0.2 percentage points to its 12-month growth rate (which now stands at 1.5 percent). Measures of underlying inflation trends produced by the Federal Reserve Bank of Cleveland—the median and 16 percent trimmed-mean CPI—rose 2.1 percent and 2.8 percent, respectively, matching their respective 6-month trends. Over the past 12 months, the median CPI is up 1.5 percent and the 16 percent trimmed-mean CPI is up 1.9 percent. Another forward-looking measure of inflation—the sticky price CPI—rose just 1.7 percent in May, and is up 1.4 percent over the past year.