CPI Inflation Report Details

Prices for used cars and trucks jumped 1.8% on the month, and rose 16.1% from a year ago. However, that compares to March's 35.3% annual gain.

Demand for used cars had gotten a boost amid the global chip shortage that has snagged production for new autos

Prices for new vehicles increased 1% on the month, while rising 12.6% from a year ago.

April's 13.2% annual rise was the biggest yearly increase since 1949.

Energy prices rose 3.9% on the month and increased 34.6% from a year ago. Gasoline prices have set new highs in recent days.

Prices for food away from home rose 0.7% in May vs. April, while rising 7.4% from a year ago.

Prices for food consumed at home climbed 1.4% last month and 11.9% from a year ago.

Prices for medical services rose 0.4% on the month, bringing the year-over-year increase to 4%.

Meanwhile, shelter prices rose 0.6% in May, as owners' equivalent rent rose 0.6%.