U.S. inflation reaccelerated in May. All items rose 4.2% over the past twelve months, up from 3.8% in April. But the picture is split: core inflation, which strips out food and energy, eased to 2.9%, and the core trend is still cooling.
Energy is the driver. After a sharp 10.9% jump in March, energy kept climbing through April and May, and gasoline alone rose 7.0% in May. Energy did the heavy lifting, driving more than 60% of May's total rise in consumer prices. Across the whole basket, energy towers over every other category for the 12-month change. Ranked by annual change, energy leads at 23.5%, with apparel, shelter, food and the rest sitting far below.
Sources
Consumer Price Index, May 2026 (USDL-26-0824) — U.S. Bureau of Labor Statistics
Consumer Price Index Home — U.S. Bureau of Labor Statistics