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Inflation Rises Higher Than Expected in May – Daily Flash Briefing

June 10, 2022 by Bautis Financial
Inflation Rises in May

The Consumer Price Index rose 8.6% in May from a year ago, the highest increase since December 1981. Surging shelter, gas and food prices all contributed to the increase.

Inflation rose higher than expected in May, with prices up 8.6% from a year ago for the fastest increase since December 1981, according to The Bureau of Labor Statistics’ May Consumer Price Index (CPI) released today.

Economists were expecting a 8.3% CPI increase in May, consistent with the reading from April.

On a month-over-month basis, the broadest measure of inflation claimed 1.0%, compared to 0.3% in April. “Core” inflation, which strips out the more volatile costs of food and gas, rose 6% over the prior year in May, more than the 5.9% that was expected.

Shelter, gas and food prices all contributed to the increase.

Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%.

Shelter costs, which account for about a one-third weighting in the CPI, rose 0.6% for the month, the fastest one-month gain since March 2004. The 5.5% 12-month gain is the most since February 1991.

Finally, food costs climbed another 1.2% in May, bringing the year-over-year gain to 10.1%.

Related: 6 Money-Saving Tips to Fight Inflation

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Category: Finance NewsTag: Consumer Price Index, Inflation
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