Updated: 11-Jun-25 09:04 ET
Highlights
- Total CPI was up 0.1% month-over-month in May (Briefing.com consensus 0.2%) after increasing 0.2% in April. On a year-over-year basis, total CPI was up 2.4%, versus 2.3% in April.
- Core CPI, which excludes food and energy, was up 0.1% month-over-month (Briefing.com consensus 0.3%) after increasing 0.2% in April. Core CPI was up 2.8% year-over-year, versus 2.8% in April.
- The food index increased 0.3% month-over-month and was up 2.9% year-over-year.
- The energy index decreased 1.0% month-over-month and was down 3.5% year-over-year.
- The shelter index increased 0.3% month-over-month and was up 3.9% year-over-year.
- The used cars and trucks index decreased 0.5% month-over-month and was up 1.8% year-over-year.
- The apparel index decreased 0.4% month-over-month and was down 0.9% year-over-year.
- The services index was up 3.7% year-over-year (services less rent of shelter were up 3.5%).
- The all items index less shelter was up 1.5% year-over-year.
- The key takeaway from the report is that both headline and core CPI were lower than expected on a month-over-month basis. While these readings may not give a big boost to near-term rate cut expectations, they should also not cause the market to think that the next cut will be delayed.
| Category | MAY | APR | MAR | FEB | JAN |
| All Items | 0.1% | 0.2% | -0.1% | 0.2% | 0.5% |
| Food and Beverages | 0.3% | -0.1% | 0.4% | 0.2% | 0.4% |
| Housing | 0.3% | 0.5% | 0.3% | 0.4% | 0.3% |
| Equivalent Rent | 0.3% | 0.4% | 0.4% | 0.3% | 0.3% |
| Apparel | -0.4% | -0.2% | 0.4% | 0.6% | -1.4% |
| Transportation | -0.7% | 0.0% | -1.8% | -0.4% | 1.2% |
| Vehicles | -0.3% | 0.0% | -0.3% | 0.1% | 1.0% |
| Motor Fuel | -2.6% | -0.1% | -6.3% | -1.0% | 1.8% |
| Medical Care | 0.3% | 0.5% | 0.2% | 0.3% | 0.2% |
| Educ and Commun | 0.1% | -0.1% | 0.3% | 0.2% | 0.3% |
| Special Indices | |||||
| Core | 0.1% | 0.2% | 0.1% | 0.2% | 0.4% |
| Energy | -1.0% | 0.7% | -2.4% | 0.2% | 1.1% |
| Services | 0.2% | 0.4% | 0.2% | 0.3% | 0.5% |
