Energy Prices Fall, US Inflation Cools in May 2023

Economics & Macro

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Adi Ahdiat 16/06/2023 11:32 WIB

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U.S. inflation in May 2023 fell to 4% (year-on-year), primarily driven by lower energy prices compared to the previous year.

U.S. Annual Inflation Rate (January 2020-May 2023)

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Energy Prices Fall, US Inflation Cools in May 2023

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U.S. Annual Inflation Rate (January 2020-May 2023)

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The United States Bureau of Labor Statistics reported that the US annual inflation rate in May 2023 reached 4% (year-on-year/yoy).

This inflation rate has fallen for 11 consecutive months, marking the lowest inflation since March 2021.

The decline in US inflation in May 2023 was primarily driven by lower energy prices compared to a year ago.

"The energy index fell 11.7 percent in the last 12 months," the US Bureau of Labor Statistics said in a press release on Tuesday (June 13, 2023).

A breakdown by commodity shows that in May 2023, the US gasoline price index fell 19.7% (yoy), the natural gas price index fell 11% (yoy), and the fuel oil price index fell 37% (yoy).

However, the US electricity price index still increased by 5.9% (yoy). The overall food price index also rose by 6.7% (yoy).

Other commodities also experienced inflation, including new vehicles, clothing, housing, transportation services, and healthcare products.

Among these commodity groups, transportation services saw the highest inflation at 10.2% (yoy).

With the easing of overall inflation in the US, the central bank, the Federal Reserve (The Fed), held its benchmark interest rate at 5%-5.25% in June 2023.

This is the first time the interest rate has been held steady, after The Fed aggressively raised interest rates over the past year.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Energy Prices Fall, US Inflation Cools in May 2023

Energy Prices Fall, US Inflation Cools in May 2023

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