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.
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.
The Inflation Calculator is updated with the newest government information, as are the following inflation rate and data pages:
For an in depth look at May consumer prices, read Inflation drops 1.3% in year; most in six decades.