Year-Over-Year CPI Jumps 5%, That's The Most Since August 2008

CPI Year-Over-Year Percent Change NSA 2021-05

The BLS reports the Consumer Price Index increased 0.6 percent in May on a seasonally adjusted basis after rising 0.8 percent in April.

Details

  • CPI rose 0.6% month-over-month in May seasonally adjusted
  • CPI rose 5.0% year-over-year in May not adjusted
  • The index for used cars and trucks continued to rise sharply, increasing 7.3 percent in May. This increase accounted for about one-third of the seasonally adjusted all items increase.
  • The index for all items less food and energy rose 0.7 percent in May after increasing 0.9 percent in April.

Energy

  • The price of energy was flat in May but up 28.5% year-over-year.
  • The gasoline index rose 56.2 percent since May 2020.
  • The May 2021 gasoline increase was the largest 12-month increase since the period ending April 1980.
  • The index for electricity increased 4.2 percent over the last
  • year, while the index for natural gas rose 13.5 percent. 

Food

  • The food index increased 0.4% in May. 
  • The index for food at home increased 0.4%, the same increase as in April.
  • While the April index was broad-based, with all six major grocery store food group indexes rising, the May increase was mostly due to the index for meats, poultry, fish, and eggs, which increased 1.3% over the month. 
  • The beef index rose 2.3% in May, its largest increase since last June. 
  • The index for cereals and bakery products rose 0.5% in May, and the index for dairy and related products increased 0.4%. 
  • The food at home index increased 0.7% over the past 12 months. Five of the six major grocery store food group indexes increased, but the index for fruits and vegetables was the only one to rise more than 0.6 percent; it increased 2.9%.
  • The only index to decline was nonalcoholic beverages, which fell 0.2% over the last 12 months.

All Items Less Food and Energy

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