You can harumph about inflation all you want, but for now it’s just not here yet.
The May CPI actually registered down 1.8% and the core was up .1%.
The Consumer Price Index for All Urban Consumers (CPI-U) increased
0.3 per cent in May before seasonal adjustment, the Bureau of labour
Statistics of the U.S. Department of labour reported today. Over the last
12 months the index has fallen 1.3 per cent. This is the largest decline
since April 1950 and is due mainly to a 27.3 per cent decline in the energy
On a seasonally adjusted basis, the CPI-U increased 0.1 per cent in
May after being unchanged in April. The index for energy, which had
declined the previous two months, rose 0.2 per cent in May as an increase
in the gasoline index more than offset declines in other energy indexes.
The food index decreased for the fourth consecutive month, falling 0.2
per cent as the indexes for all major grocery store food groups declined.
The index for all items less food and energy rose 0.1 per cent in May
following a 0.3 per cent increase in April. The smaller increase was
partly due to the tobacco and smoking products index, which turned down in
May after rising sharply in March and April. In May, the indexes for
shelter, new and used motor vehicles, and medical care posted increases,
while the public transportation index fell 1.0 per cent and the indexes for
apparel and tobacco declined slightly. The index for all items less food
and energy has increased 1.8 per cent over the last 12 months.