The “all items” Consumer Price Index (“CPI”) increased at an annual pace of 8.6 percent for the twelve months ending May, according to the U.S. Department of Labor’s June 10 BLS report. This mark’s the largest 12-month increase since the period ending December 1981.

The increase in was broad-based, with the all items less food and energy index rising 6.0 percent over the last twelve months, the energy index rising 34.6 percent over the last year (the largest 12-month increase since the period ending September 2005) and the food index increasing 10.1 percent for the twelve months ending May (the first increase of 10 percent or more since the period ending March 1981).

For the month of May alone, the CPI for All Urban Consumers (CPI-U) increased 1.0 percent on a seasonally adjusted basis.

Last Updated on June 11, 2022 by Ramin Seddiq