Prices of goods and services rise 2.8% from May 2017

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by Talk Business & Politics staff ([email protected]) June 12, 2018 3:19 pm 157 views 

The Consumer Price Index for All Urban Consumers (CPI-U), rose 0.2% in May on a seasonally adjusted basis, after rising 0.2% in April. On Tuesday (June 12), the Bureau of Labor Statistics announced the index change for May, and since May 2017, the all items index has risen 2.8% before seasonal adjustment.

The Consumer Price Index measures changes in the prices consumers pay for goods and services, and the all urban consumers group represents about 93% of the U.S. population.

The indexes for gasoline and shelter contributed the most to the seasonally adjusted rise in the all items index, like in April, according to the BLS. The gasoline index rose 1.7% and more than offset the declines in the energy component indexes. As a result, the energy index rose 0.9%. The medical care index increase 0.2%, and the food index was flat from April.

Excluding food and energy, the all items index rose 0.2% in May. The shelter index rose 0.3%. Indexes rose for new vehicles, education and communication and tobacco in May. Indexes declined for household furnishings and operations and used cars and trucks. Indexes were flat for apparel, recreation and personal care.

The index for all items excluding food and energy increased 2.2%, from May 2017. The food index rose 1.2% and the energy index increased 11.7%, from May 2017. The gasoline and fuel oil indexes have risen 21.8% and 25.3%, respectively. The electricity index has risen 1%, while the natural gas index fell 0.8%.

The index for lodging away from home rose 2.9% in May and was the index’s largest increase since August 2017. The index for prescription drugs rose 1.4%. The index for used cars and trucks fell 0.9% in May, after declining 1.6% in April. Airline fares index fell 1.9%, and the index for alcoholic beverages declined also.

From May 2017, the shelter index rose 3.5%, and the medical care index rose 2.4%. Following are indexes that have fallen from May 2017: new vehicles, airline fares, used cars and trucks and communication.