Inflation at Least 3% for 38th Straight Month in May

Craig Bannister | June 12, 2024
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Inflation was at least three percent for the 38th straight month in May and has now been at or above that mark, the U.S. Bureau of Labor Statistics (BLS) reported Wednesday.

In May, the Consumer Price Index (CPI) was up 3.3% from 12 months earlier and unchanged, on a seasonally-adjusted basis from April. The last time CPI increased less than three percent was in March of 2021 (2.6%).

At 3.3%, inflation is also more than the 1.4% growth registered when former President Donald Trump left office in January of 2021 and December of 2020.

In May of this year, the seasonally-adjusted, month-to-month increase in the so-called “core” CPI (excluding food and energy) rose 0.2% from April and 3.4% from the increase in April of 2023.

Indexes which increased from April include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation, and apparel were among those that decreased over the month.

The shelter index increased 0.4% percent in May and was the largest factor in the monthly increase in the index for all items less food and energy. The shelter index increased 5.4 percent over the last year, accounting for over two thirds of the total 12-month increase in core CPI. In particular, the cost of rent increased 0.4% from April and 5.3% from year-ago.