U.S. consumer prices inched slightly higher in May and less than expected according to a new report released by the government on Wednesday. The same report revealed year-over-year inflation has fallen at the fastest rate since April 1950.
The Bureau of Labor Statistics Consumer Price Index (CPI) data has the annual US inflation rate at -1.3% compared to April’s 0.7% decline. Cheaper energy over the past year is largely responsible.
On a monthly basis, consumer prices inched 0.1% higher in May despite higher gasoline prices. Helping to offset energy prices were lower food prices. These two indicators were reversed in April.
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Consumer Price Index from 1913-2009
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For an in depth look at May consumer prices, read Inflation drops 1.3% in year; most in six decades.