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Inflation accelerated in May per the latest data, with the Consumer Price Index (CPI) rising 0.5% for the month and 4.2% over the past 12 months, marking the first time annual inflation has exceeded 4% in three years.

The primary driver was energy costs, which jumped 3.9% in May and are now up 23.5% from a year ago. Energy accounted for more than 60% of the monthly increase in inflation. Food prices rose a modest 0.2% during the month, while shelter costs increased 0.3% and remain up 3.4% year-over-year.

Encouragingly, underlying inflation pressures remained relatively contained. Core inflation, which excludes food and energy, increased just 0.2% in May and 2.9% over the past year. Core commodity prices actually declined 0.1%, suggesting that broader price pressures remain muted despite higher energy costs.

Several categories, including transportation services, motor vehicle insurance, and new vehicles, posted declines, while airline fares, medical care, and recreation costs moved higher. The report suggests that while consumers continue to feel the impact of rising energy and everyday living costs, inflation outside of energy remains comparatively stable.

Sources:
https://www.bls.gov/news.release/cpi.nr0.htm
https://www.cnbc.com/2026/06/10/cpi-inflation-report-may-2026.html

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