Meanwhile, the gas index rose 2.2% from May 2023 to this past May, higher than the 1.2% year-over-year increase in April.
The food index rose 2.1% for the 12 months ending May after it was consistently seeing year-over-year increases of 2.2%.
More specifically, the food at home index rose 1.0% for the 12 months ending May after a 1.1% increase.
Meanwhile, the food away from home index rose 0.4% in May from the preceding month and 4.0% year over year in May.
Inflation measures like the CPI suggest US inflation is still too high although these rates look a lot better than back in 2022.
Persons:
—, it's, Elizabeth Renter, David Kelly
Organizations:
Service, Index, Bureau of Labor Statistics, Business, CPI, BLS, Housing, Morgan Asset Management