Consumer Price Index - meets expectations Released On 6/18/2013 8:30:00 AM For May, 2013 Prior Consensus Consensus Range Actual CPI - M/M change -0.4 % 0.2 % 0.0 % to 0.5 % 0.1 % CPI - Y/Y change 1.1 % 1.4 % CPI less food & energy 0.1 % 0.2 % 0.1 % to 0.2 % 0.2 % CPI less food & energy - Y/Y change 1.7 % 1.7 % Highlights CPI inflation was essentially at expectations, showing only modest inflation pressures. The consumer price index for May made only a partial rebound at the headline level, rising 0.1 percent after falling 0.4 percent in April. The May number posted slightly lower than market expectations for a rise of 0.2 percent. The core CPI-excluding food and energy-rose 0.2 percent versus 0.1 percent in April. The consensus called for a 0.2 percent increase.
By major components outside the core, energy rose 0.4 percent after a drop of 4.3 percent in April. Gasoline was unchanged after decreasing 8.1 percent. Electricity and natural gas were responsible for the rise in energy. The food component dipped 0.1 percent in May, following a rise of 0.2 percent the month before.
For the core measure, shelter costs rose 0.3 percent. Advances in the indexes for airline fares, recreation, and apparel also contributed to the rise in the core. In contrast, the indexes for medical care and used cars and trucks declined in May.
Year-on-year, overall CPI inflation firmed to 1.4 percent from 1.1 percent in April (seasonally adjusted). The core rate held steady at 1.7 percent. On an unadjusted year-ago basis, the headline CPI in May was up 1.4 percent and the core was up 1.7 percent.
Once more, both the headline and core CPI inflation rates remain below the Fed's "trigger" of 2.5 percent for potential changes in monetary policy. Low inflation will likely be mentioned in tomorrow's FOMC statement and support continued monetary ease.
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