INFLATION remained stable in May, new federal data shows, but that doesn’t mean prices will fall anytime soon.
The US Bureau of Labor Statistics announced a 3.4% inflation rate for goods and services compared to May 2023.
The inflation rate rose 0% in May after rising 0.3% in April.
The Bureau of Labor Statistics updates the Consumer Price Index, or CPI, monthly.
The CPI tracks the average variation over time in the prices paid by consumers for specific goods and services.
Excluding the highly fluctuating cost of food and energy, the cost of consumer goods increased by 3.4% between May 2023 and May 2024.
The cost of consumer goods, including all items, increased by 3.3% between May 2023 and May 2024.
In addition to food and energy, this includes products such as new and used vehicles, clothing, shelter and transportation.
GROCERY STORE SHIFTS
Although inflation remains stable, the cost of certain goods is rising.
Food prices increased 2.1% over the past year, driven primarily by a 4% increase in restaurant food costs.
However, shoppers will still feel the impact at the supermarket.
Consumers are paying 0.7% more for cereals and bakery products than last year.
Meat, eggs, poultry and fish also cost 2.4% more than a year ago.
Fruits, vegetables and drinks have also increased in price.
However, consumers will see a slight reduction in dairy costs, which are 1% cheaper than last year.
ENERGY AND TRANSPORTATION COSTS
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