Data released just moments ago by the U.S. Bureau of Labor Statistics showed that the Consumer Price Index (CPI), a measure of inflation, rose 0.1% in May after rising by about 0.2% in April, below expectations of a 0.2% increase. The core CPI, which excludes food and energy prices, rose 0.1%, compared to 0.2% in March, while expectations were for a 0.3% increase.
Conversely, the annual CPI rose to 2.4% over the past 12 months, from 2.3% in April, below expectations of a 2.5% increase, while the core CPI rose to 2.8%. In the index details, the food index recorded a growth of 2.9% compared to 2.8% in April on an annual basis, and recorded an increase of approximately 0.3% in May, while the energy index declined by 3.5% in May on an annual basis, after a decline of approximately 3.7% and an increase of approximately 1% on a monthly basis in April.