Shelter, Gasoline, Food: Prices Up in Every Major Category, As Inflation Accelerates 8.6% Year-to-Year

Susan Jones | June 10, 2022 | 9:12am EDT
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U.S. gas prices now average $4.986 a gallon, as of June 10, Triple-A says. (Photo by Andrew Lichtenstein/Corbis via Getty Images)
U.S. gas prices now average $4.986 a gallon, as of June 10, Triple-A says. (Photo by Andrew Lichtenstein/Corbis via Getty Images)

(CNSNews.com) - It comes as no surprise, given the daily increase in gasoline prices, that inflation took another leap last month.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April and 1.2 percent in March, the U.S. Bureau of Labor Statistics reported today.

Over the last 12 months, the all items index increased 8.6 percent before seasonal adjustment, compared with 8.3 percent in April and 8.5 percent in March. That 8.6 percent increase is the largest since December 1981.

BLS said the increase was broad-based, with the indexes for shelter, gasoline and food -- the basic essentials of our lives -- being the largest contributors.

After declining in April, the energy index rose 3.9 percent in May, with the gasoline index rising 4.1 percent in May alone. Compared with a year ago, gasoline prices are up 48.7 percent. Fuel oil was up a whopping 106.7 year-to-year, not seasonally adjusted.

The food index rose 1.2 percent in May (up 10.1 percent from a year ago); and shelter increased 5.5 percent year over year.

The BLS chart, in fact, shows increases in every major category.

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The index for all items less food and energy -- core inflation -- rose 0.6 percent in May, the same increase as in April, but it was up 6.0 percent from a year ago. 

New vehicles (+12.6%) and used vehicles (+16.1%) showed year-to-year increases.

Looking at "detailed expenditures," most of those categories showed increases, including eggs (+5% for the month), cookies (+4% in May) , and poultry (+3% in May).

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