Inflation Edges Up
A key measure of price inflation rose in May, and year-over-year now stands at a six-year high, according to the U.S. Bureau of Labor Statistics.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in May on a seasonally adjusted basis after rising 0.2 percent in April.
Over the last 12 months, the all items index rose 2.8 percent before seasonal adjustment.
That number - the year-over-year - is the highest recorded since February 2012.
The indexes for gasoline and shelter were the largest factors in the seasonally adjusted increase in the all items index, as they were in April.
BLS said the gasoline index increased 1.7 percent, more than offsetting declines in some of the other energy component indexes and led to a 0.9-percent rise in the energy index.
The medical care index rose 0.2 percent. The food index was unchanged over the month.