United States Inflation May 2022

United States

United States: Inflation comes in at highest level since 1981 in May

June 10, 2022

Consumer prices rose a seasonally-adjusted 0.97% over the previous month in May, up from April’s 0.33% rise. Looking at the details of the release, prices for transportation rebounded in May amid record-high gasoline prices. The changes in the prices of food and housing were largely steady in May at already-elevated levels.

Inflation came in at 8.6% in May, which was up from April’s 8.3%. May's reading represented the highest inflation rate since December 1981. Meanwhile, the trend pointed up, with annual average inflation coming in at 6.9% in May (April: 6.6%). Finally, core inflation edged down to 6.0% in May, from April’s 6.1%.

FocusEconomics Consensus Forecast participants expect inflation to average 7.3% in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, the panel expects inflation to average 3.4%.


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United States Inflation May 2022

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Bureau of Labor Statistics.


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