On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) advanced 0.7 percent in May, following a 0.4-percent increase in April.
The index for energy increased sharply for the third consecutive month—up 5.4 percent in May. The index for petroleum-based energy rose 9.8 percent while the index for energy services declined 0.2 percent.
The food index rose 0.3 percent in May, slightly less than in April.
The index for all items less food and energy advanced 0.1 percent in May, following a 0.2-percent rise in April. Smaller increases in the indexes for shelter and medical care were responsible for the moderation.
During the first five months of 2007, the CPI-U rose at a 5.5-percent seasonally adjusted annual rate (SAAR). This compares with an increase of 2.5 percent for all of 2006. The acceleration thus far this year was due to larger increases in the energy and food components. The index for energy advanced at a 36.0-percent SAAR in the first five months of 2007 compared with 2.9 percent in 2006.
The food index has increased at a 6.2-percent SAAR thus far this year, following a 2.1-percent rise for all of 2006. Excluding food and energy, the CPI-U advanced at a 2.1-percent SAAR in the first five months, following a 2.6-percent rise for all of 2006.
For the 12 months ended in May 2007, the CPI-U rose 2.7 percent, as shown in the chart.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, CPI in May 2007 at https://www.bls.gov/opub/ted/2007/jun/wk3/art01.htm (visited January 31, 2023).