Revision check| Revision check clear. Prior periods were checked against the values in the last report — no revisions found. All changes below are computed on current-vintage data. |
Key figures| Headline → | June 2026 | May 2026 | M/M chg | M/M % | Y/Y chg | Y/Y % | 12-period trend |
|---|
| CPI-U, all items SA index, 1982-84=100 | 332.6 | 334.0 | ▼ −1.4 | ▼ −0.4% | ▲ +11.9 | ▲ +3.7% | | | Core CPI (ex food & energy) | 336.1 | 336.1 | ▼ −0.1 | ▼ 0.0% | ▲ +9.2 | ▲ +2.8% | | | CPI-U, all items (NSA) not seasonally adjusted — the series used for COLAs | 334.0 | 335.1 | ▼ −1.2 | ▼ −0.3% | ▲ +12.5 | ▲ +3.9% | | | Trend bars show year-over-year % change over the last 13 periods; the latest period is highlighted. |
| Major categories → | June 2026 | May 2026 | M/M chg | M/M % | Y/Y chg | Y/Y % | 12-period trend |
|---|
| Food | 349.6 | 348.9 | ▲ +0.7 | ▲ +0.2% | ▲ +11.1 | ▲ +3.3% | | | Energy | 319.3 | 338.6 | ▼ −19.3 | ▼ −5.7% | ▲ +43.9 | ▲ +15.9% | | | Core goods (commodities ex food & energy) | 167.4 | 167.6 | ▼ −0.1 | ▼ −0.1% | ▲ +1.6 | ▲ +1.0% | | | Core services (services ex energy services) | 444.6 | 444.5 | ▲ +0.1 | ▲ 0.0% | ▲ +14.7 | ▲ +3.4% | | | Shelter | 428.5 | 428.0 | ▲ +0.5 | ▲ +0.1% | ▲ +14.4 | ▲ +3.5% | | | Medical care services | 651.5 | 652.3 | ▼ −0.8 | ▼ −0.1% | ▲ +21.6 | ▲ +3.4% | | | Transportation services | 457.2 | 458.8 | ▼ −1.6 | ▼ −0.3% | ▲ +15.6 | ▲ +3.5% | | | Apparel | 136.3 | 137.1 | ▼ −0.8 | ▼ −0.6% | ▲ +5.5 | ▲ +4.2% | | | Trend bars show year-over-year % change for index series, the level for rates and survey indexes over the last 13 periods; the latest period is highlighted. |
What stood out- The 1.0% monthly drop in Electricity is the biggest since April 2014.
- The 0.4% monthly drop in CPI-U, all items is the biggest since April 2020.
- The 5.7% monthly drop in Energy is the biggest since April 2020.
- Motor vehicle insurance: down 3.5% from a year ago — the steepest year-over-year decline since January 2021.
- Medical care commodities: down 2.0% from a year ago — the steepest year-over-year decline since August 2021.
- Airline fares: up 27.0% from a year ago — the fastest pace since December 2022.
Why it mattersA negative headline print is not disinflation when it rests on one volatile component. Strip energy out and the monthly change rounds to zero, which is a fine number but not a new trend — core has now spent the better part of a year in the mid-to-high twos and has stopped improving. Shelter, which carries roughly a third of the index, rose 0.1% on the month and 3.5% over the year. Until that decelerates further, the arithmetic of getting headline CPI back to 2% depends on energy staying cheap — and energy is up 15.9% from where it was a year ago. Full detailShow every category and subcategory| Full detail — subcategories → | June 2026 | May 2026 | M/M chg | M/M % | Y/Y chg | Y/Y % |
|---|
| Food at home | 321.4 | 320.8 | ▲ +0.6 | ▲ +0.2% | ▲ +9.2 | ▲ +2.9% | | Food away from home | 395.6 | 394.7 | ▲ +0.9 | ▲ +0.2% | ▲ +14.4 | ▲ +3.8% | | Gasoline (all types) | 342.0 | 378.7 | ▼ −36.7 | ▼ −9.7% | ▲ +72.1 | ▲ +26.7% | | Electricity | 305.7 | 308.9 | ▼ −3.2 | ▼ −1.0% | ▲ +14.1 | ▲ +4.8% | | Utility (piped) gas service | 269.7 | 268.5 | ▲ +1.3 | ▲ +0.5% | ▲ +9.1 | ▲ +3.5% | | Rent of primary residence | 447.4 | 446.7 | ▲ +0.7 | ▲ +0.1% | ▲ +13.4 | ▲ +3.1% | | Owners' equivalent rent | 441.7 | 440.7 | ▲ +1.1 | ▲ +0.2% | ▲ +15.2 | ▲ +3.6% | | New vehicles | 178.7 | 178.7 | ▼ 0.0 | ▼ 0.0% | ▲ +0.9 | ▲ +0.5% | | Used cars and trucks | 179.6 | 180.0 | ▼ −0.4 | ▼ −0.2% | ▼ −3.2 | ▼ −1.8% | | Motor vehicle insurance | 858.7 | 876.3 | ▼ −17.6 | ▼ −2.0% | ▼ −30.9 | ▼ −3.5% | | Airline fares | 308.0 | 307.3 | ▲ +0.7 | ▲ +0.2% | ▲ +65.4 | ▲ +27.0% | | Medical care commodities | 409.0 | 409.6 | ▼ −0.7 | ▼ −0.2% | ▼ −8.2 | ▼ −2.0% | | Recreation | 144.9 | 144.1 | ▲ +0.7 | ▲ +0.5% | ▲ +4.4 | ▲ +3.2% | | Education and communication | 146.8 | 148.0 | ▼ −1.2 | ▼ −0.8% | ▲ +0.1 | ▲ 0.0% |
Sources |
