Updated: 10-Jun-26 09:23 ET
Highlights
- Total CPI increased 0.5% month-over-month in May (Briefing.com consensus: 0.5%), leaving it up 4.2% year-over-year versus 3.8% in April. The energy index accounted for over 60% of the increase in the monthly all items index.
- Core CPI, which excludes food and energy, increased 0.2% month-over-month (Briefing.com consensus: 0.3%) and was up 2.9% year-over-year versus 2.8% in April.
- The food index was up 0.2% month-over-month and up 3.1% year-over-year.
- The energy index was up 3.9% month-over-month and up 23.5% year-over-year.
- The shelter index was up 0.3% month-over-month and up 3.4% year-over-year.
- The used cars and trucks index was up 0.1% month-over-month and down 2.0% year-over-year.
- The apparel index was up 0.3% month-over-month and up 4.8% year-over-year.
- The services index was up 0.3% month-over-month and up 3.5% year-over-year (services less rent of shelter was up 3.7% year-over-year).
- The all items index, less food, shelter, and energy, was up 0.1% month-over-month and up 2.4% year-over-year.
- From May 2025 to May 2026, real average hourly earnings decreased 0.8%, seasonally adjusted.
- The key takeaway from the report is that core CPI was not as bad as feared, but that doesn't mean it was good. Core CPI is still running well above the Fed's 2.0% inflation target, so this report was by no means a game-changer in terms of the prevailing view that the Fed won't be cutting rates anytime soon.
| Category | MAY | APR | MAR | FEB | JAN |
| All Items | 0.5% | 0.6% | 0.9% | 0.3% | 0.2% |
| Food and Beverages | 0.2% | 0.5% | 0.0% | 0.4% | 0.2% |
| Housing | 0.2% | 0.7% | 0.3% | 0.3% | 0.2% |
| Equivalent Rent | 0.3% | 0.5% | 0.3% | 0.2% | 0.2% |
| Apparel | 0.3% | 0.6% | 1.0% | 1.3% | 0.3% |
| Transportation | 1.3% | 1.3% | 4.3% | 0.2% | -0.3% |
| Vehicles | -0.2% | -0.2% | -0.1% | -0.1% | -0.5% |
| Motor Fuel | 7.0% | 5.4% | 21.2% | 0.8% | -3.2% |
| Medical Care | 0.3% | -0.1% | -0.2% | 0.5% | 0.3% |
| Educ and Commun | 0.8% | 0.0% | 0.2% | -0.2% | 0.4% |
| Special Indices | |||||
| Core | 0.2% | 0.4% | 0.2% | 0.2% | 0.3% |
| Energy | 3.9% | 3.8% | 10.9% | 0.6% | -1.5% |
| Services | 0.3% | 0.6% | 0.2% | 0.3% | 0.4% |
