Consumer prices fell 0.3% in May due to receding energy prices, marking the second month where prices have failed to appreciate. May’s decline in prices is directly a result of receding oil prices as energy costs fell 4.3% over the month.
Core prices continued their modest gains, growing 0.2% for the third consecutive month. Prices on goods rose at 0.2%, the same level they have grown in the past three months. Prices on services rose 0.2% as well, down from 0.3% the previous month.
Prices are currently 1.7% above year-ago levels, with core prices up 2.3% over the same period. Energy has fallen 4.7% from a year ago.
Read the BLS report.