Consumer Price Index sees largest rise since 2008

The Bureau of Labor Statistics says the Consumer Price Index for All Urban Consumers has seen the largest 12-month rise since the period ending in August 2008.

According to a news release, the index grew 0.6 percent in May after rising 0.8 percent in April.
In the past 12 months the all items index saw a 5 percent increase before seasonal adjustments; the largest increase since the period ending August 2008.

About one-third of the seasonally adjusted all items increase was tied to index for used cars and trucks, which rose 7.3 percent in May. The food index increased 0.4 percent in May, while the energy index was unchanged as a decline in the gas index offset increases in the electricity and natural gas indexes, the release says.

With a small dip, the index for medical care was one of the few major component indexes to decline in May, while the index for all items less food and energy rose 0.7 percent in May. Indexes that rose included household furnishings, new vehicles, airline fares, and apparel, according to the release.

The medical care index only rose 0.9 percent over the past 12 months, the smallest increase since the period ending in March 1941, the release says.

The index for all items less food and energy saw a 3.8 percent rise over the past 12 months. Vehicle indexes saw a stark rise over the same period, with a 29.7 percent increase for used cars and trucks, a 16.9 percent increase for motor vehicle insurance, and a 3.3 percent increase for new vehicles, the release says.

The index for car and truck rentals saw has more than doubled over the past 12 months, with a 109.8 percent increase, according to the release.