Keep Your Budget in Check: May CPI Findings

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Cashiers process purchases at a Walmart Supercenter in North Bergen, N.J., on Thursday, Feb. 9, 2023. On Tuesday, the Labor Department reports on U.S. consumer prices for January. The consumer price index is closely watched by the Federal Reserve, which has raised interest rates eight times in the past year in an attempt to cool the economy and bring down inflation. (AP Photo/Eduardo Munoz Alvarez)
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During the month of May, the Consumer Price Index went up 4%, the smallest increase since May 2021. The cost of homes and used cars also went up according to the latest report from the Bureau of Labor Statistics.

When it comes to food prices, the good news is that while the cost of food went up, it only increased by 0.2%.

Energy prices, things like electricity and gas, prices went down, meaning you’re probably spending a little less money to keep the lights on at home or fill up the car with gas.

It’s important for everyone to know about these changes in prices, especially with big news set to come from the Federal Reserve this week about interest rates, when we may see a pause in recent increases.


Click play to listen to the AURN News report from Jamie Jackson:

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