US May CPI rises to highest level since May 2023

NEW YORK -- The US consumer price index (CPI) rose 4.2 percent year on year in May, marking its highest level since May 2023, as energy prices remained high, according to data released by the US Bureau of Labor Statistics on Wednesday.

Notably, the energy index for May increased 3.9 percent month on month, accounting for over 60 percent of headline inflation.

Gasoline and fuel oil prices increased 40.5 percent and 58.9 percent year on year, respectively, in May.

The national average price of gasoline reached 4.555 US dollars per gallon on May 20, a 50 percent rise since the Iran conflict started in February, according to data released by the American Automobile Association. The price later eased to 4.151 dollars per gallon on Wednesday.