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May Consumer Price Index Suggests Lower Inflation

05/18/2023

The  Consumer Price Index for All Urban Consumers increased 4.9 percent on an annual basis with a 0.5 percent increase in April, prior to seasonal adjustment and 0.4 percent on a seasonally adjusted basis. These values were lower than anticipated.  The Food Index was unchanged in April.  The Food at Home Index fell 0.2 percent attaining 7.1 percent on an annual basis.  Food Away from Home was up 0.4 percent in April and 8.6 percent on an annual basis. 

 

Four of the six major grocery store food groups decreased over the month.  Fruits and vegetables were down by 0.5 percent in April and meats, poultry, fish and eggs by 0.3 percent.  Eggs alone were down 37 percent.  Cereal and related products were down by 0.7 percent and non-alcoholic beverages by 0.1 percent.

 

Consumers paid less for energy on an annual basis (-5.1 percent), gasoline (-12.2 percent) but paid more for electricity (+8.4 percent) and shelter (+8.1 percent).