Updated: 11-Jun-25 09:04 ET

May CPI

Updated: 11-Jun-25 09:04 ET

Highlights

• Total CPI was up 0.1% month-over-month in May (Briefing.com consensus 0.2%) after increasing 0.2% in April. On a year-over-year basis, total CPI was up 2.4%, versus 2.3% in April.
• Core CPI, which excludes food and energy, was up 0.1% month-over-month (Briefing.com consensus 0.3%) after increasing 0.2% in April. Core CPI was up 2.8% year-over-year, versus 2.8% in April.

Key Factors

• The food index increased 0.3% month-over-month and was up 2.9% year-over-year.
• The energy index decreased 1.0% month-over-month and was down 3.5% year-over-year.
• The shelter index increased 0.3% month-over-month and was up 3.9% year-over-year.
• The used cars and trucks index decreased 0.5% month-over-month and was up 1.8% year-over-year.
• The apparel index decreased 0.4% month-over-month and was down 0.9% year-over-year.
• The services index was up 3.7% year-over-year (services less rent of shelter were up 3.5%).
• The all items index less shelter was up 1.5% year-over-year.

Big Picture

• The key takeaway from the report is that both headline and core CPI were lower than expected on a month-over-month basis. While these readings may not give a big boost to near-term rate cut expectations, they should also not cause the market to think that the next cut will be delayed.

Category	MAY	APR	MAR	FEB	JAN
All Items	0.1%	0.2%	-0.1%	0.2%	0.5%
Food and Beverages	0.3%	-0.1%	0.4%	0.2%	0.4%
Housing	0.3%	0.5%	0.3%	0.4%	0.3%
Equivalent Rent	0.3%	0.4%	0.4%	0.3%	0.3%
Apparel	-0.4%	-0.2%	0.4%	0.6%	-1.4%
Transportation	-0.7%	0.0%	-1.8%	-0.4%	1.2%
Vehicles	-0.3%	0.0%	-0.3%	0.1%	1.0%
Motor Fuel	-2.6%	-0.1%	-6.3%	-1.0%	1.8%
Medical Care	0.3%	0.5%	0.2%	0.3%	0.2%
Educ and Commun	0.1%	-0.1%	0.3%	0.2%	0.3%
Special Indices
Core	0.1%	0.2%	0.1%	0.2%	0.4%
Energy	-1.0%	0.7%	-2.4%	0.2%	1.1%
Services	0.2%	0.4%	0.2%	0.3%	0.5%