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- U.S. consumer prices down 0.1 percent in May
U.S. consumer prices down 0.1 percent in May
The Labor
Department announced on Wednesday the U.S. consumer price index (CPI) edged down
0.1 percent m-o-m in May, following an unrevised 0.8 percent m-o-m decline in
the previous month.
Over the last
12 months, the CPI rose 0.1 percent y-o-y last month, following an unrevised 0.3
percent m-o-m advance in the 12 months through April. That the lowest inflation
rate since September 2015.
Economists had
forecast the CPI to be flat m-o-m and to increase 0.2 percent y-o-y in the
12-month period.
According to
the report, declines in the indexes for motor vehicle insurance (-8.9 percent
m-o-m), energy (-1.8 percent m-o-m), and apparel (-2.3 percent m-o-m) more than
offset increases in food (+0.7 percent m-o-m) and shelter (+0.2 percent m-o-m) indexes
to result in the monthly decrease in the seasonally adjusted all items index.
Meanwhile, the
core CPI excluding volatile food and fuel costs also dropped 0.1 percent m-o-m
in May after a 0.4 percent m-o-m fall in the previous month.
In the 12
months through May, the core CPI rose 1.2 percent, following a 1.4 percent
advance in the 12 months ending April. That was the lowest rate since March
2011.
Economists had
forecast the core CPI to be unchanged m-o-m and to rise 1.3 percent y-o-y last
month.
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