Inflation rose 4.2% over the year in May, BLS reports
The latest Consumer Price Index report shows energy costs drove much of the monthly increase, while CPI-W, the index tied to SQ 832’s future wage escalator, rose 4.4% over the year.
OKLAHOMA CITY (OBV) — Consumer prices rose 4.2% over the year in May, according to new data from the U.S. Bureau of Labor Statistics.
The Consumer Price Index for All Urban Consumers increased 0.5% on a seasonally adjusted basis in May, following a 0.6% increase in April. BLS reported that energy costs accounted for more than 60% of the monthly increase.
Energy prices rose 3.9% in May and were up 23.5% over the year. Gasoline prices increased 7% for the month and 40.5% over the year. Electricity prices rose 0.6% in May and 5.9% over the year.
Food prices increased 0.2% in May and 3.1% over the year. Food at home rose 0.1% for the month, while food away from home increased 0.3%.
Core inflation, which excludes food and energy, rose 0.2% in May and 2.9% over the year. Shelter costs increased 0.3% for the month and 3.4% over the year.
The Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W, increased 4.4% over the year. CPI-W is the index SQ 832 would use to automatically increase Oklahoma’s minimum wage each year beginning in 2030.
SQ 832 would raise Oklahoma’s minimum wage to $15 an hour by 2029. Beginning in 2030, the wage would automatically increase each year based on CPI-W.
The June CPI report is scheduled to be released July 14.
