The index for all items less food and energy has increased 2.0 percent over the last 12 months, the highest figure since February 2013. The food index has advanced 2.5 percent over the span, its largest 12-month increase since June 2012.
Month over month, the Consumer Price Index for All Urban Consumers increased 0.4 percent in May on a seasonally adjusted basis.
The energy index increased 0.9 percent in May after rising 0.3 percent in April. The electricity index rose 2.3 percent in May after declining 2.6 percent in April. This is largely due to semiannual climate credits applied to electricity bills in California. In contrast, the index for natural gas declined in May, falling 1.7 percent after increasing in each of the four previous months. The fuel oil index also declined in May, falling 1.4 percent.
The shelter index increased 0.3 percent in May. The rent index rose 0.3 percent and the index for owners’ equivalent rent increased 0.2 percent. The index for airline fares has increased 4.7 percent year on year, and the medical care index has risen 2.8 percent over the same period. Indexes that have risen more modestly over the past 12 months include apparel (0.8 percent), new vehicles (0.5 percent), and used cars and trucks (0.2 percent).