Year-over-year inflation slows in May
Overall year-over-year consumer inflation fell from 4.9% in April to 4% in May, according to the Bureau of Labor Statistics.
From April to May, the prices for all items increased by 0.4%, the report said. For the latest month, the CPI report said the index for shelter was the largest contributor to the monthly all-items increase, followed by an increase in the index for used cars and trucks.
The food index increased 0.2% in May after being unchanged in the previous two months. The index for grocery food rose 0.1% over the month, while the index for restaurant food rose 0.5%, the report said.
Three of the six major grocery store food group indexes increased over the past month, the report said. The index for fruits and vegetables rose 1.3% in May, following a 0.5% decrease in April.
Food inflation
Year-over-year food inflation in May was higher than the overall CPI index.
The grocery food price index rose 5.8% over the last 12 months. The index for restaurant food rose 8.3% over the last year, the report said. The index for full-service meals rose 6.8% over the last 12 months, and the index for limited-service meals rose 8% over the same period.
Inflation for fresh fruits and vegetables rose just 0.6% from May 2022 to May 2023, according to the report. That compares with 10.7% for cereals and bakery and 4.6% for dairy products.
Here is a list of food items, with the May 2023 inflation rate compared with May 2022 (seasonally unadjusted):
- Cereals and bakery products: 10.7%.
- Meats, poultry, fish, and eggs: 0.3%.
- Dairy and related products: 4.6%.
- Fresh fruits and vegetables: 0.6%.
- Fresh vegetables: 2%.
- Fresh fruit: -0.5%.
- Apples: 7.7%.
- Citrus: -5.3%.
- Lettuce: 9.4%.
- Potatoes: 7.1%.
- Tomatoes: -3.5%.
- Bananas: 1.3%.
