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BLS: CPI increased 0.2% in May; Core CPI increased 0.2%


From the BLS:
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally
adjusted basis, after increasing 0.1 percent in May, the U.S. Bureau of Labor Statistics reported
today. Over the last 12 months, the all items index increased 3.0 percent before seasonal

The index for shelter was the largest contributor to the monthly all items increase, accounting
for over 70 percent of the increase, with the index for motor vehicle insurance also contributing.
The food index increased 0.1 percent in June after increasing 0.2 percent the previous month. The
index for food at home was unchanged over the month while the index for food away from home rose
0.4 percent in June. The energy index rose 0.6 percent in June as the major energy component
indexes were mixed.

The index for all items less food and energy rose 0.2 percent in June, the smallest 1-month
increase in that index since August 2021. Indexes which increased in June include shelter, motor
vehicle insurance, apparel, recreation, and personal care. The indexes for airline fares,
communication, used cars and trucks, and household furnishings and operations were among those
that decreased over the month.

The all items index increased 3.0 percent for the 12 months ending June; this was the smallest
12-month increase since the period ending March 2021. The all items less food and energy index
rose 4.8 percent over the last 12 months. The energy index decreased 16.7 percent for the 12
months ending June, and the food index increased 5.7 percent over the last year.
emphasis addedCPI was as expectations and core CPI was lower than expected. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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