The index for shelter was the largest contributor to the Consumer Price Index’s (CPI) monthly all-items increase in May, followed by an increase in the index for used cars and trucks, the U.S. Bureau of Labor Statistics (BLS) reported Tuesday.
May’s overall CPI rose 4.0% from a year ago and a seasonally-adjusted 0.1% from the previous month (April 2023). Minus the volatile food and energy components, prices were up 5.3% from May of last year and 0.4% from last month.
While May’s 4.0% CPI increase was in line with many analysts’ projections, the rate of inflation under President Joe Biden’s watch remains three times higher than it was during the administration of his predecessor, Donald Trump
During Trump’s 48 months in the White House, monthly consumer price increases averaged 1.9%, year-over-year. During the 29 months that Joe Biden has been in office, prices have averaged 6.3% higher than they were 12 months earlier.
In May of this year, the cost of shelter was 8.0% higher than it was 12 months earlier, accounting for more than sixty percent of the total increase for all items, less food and energy. Over the past month, the cost of shelter rose 0.6%, after seasonal adjustment. Excluding energy services, the shelter index increased 0.4% from April. Over the last 12 months, the price of shelter was up 6.6%.
The price of transportation services (lease/rental/maintenance/repair) spiked in May, increasing 0.8% from April and 10.2% over the past 12 months.
The seasonally-adjusted cost of used vehicles rose 4.1% from April, but prices remained 4.2% lower compared to May 2022. Conversely, new vehicle prices fell 0.1% month-to-month, while rising 4.7% year-to-year.
Food was another significant contributor to the CPI increase in May, as prices rose 0.2% from April and 6.7% over the previous 12 months, with the cost of food away from home outpacing that of food purchased for home consumption.
The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.