U.S. inflation ticks up on higher energy prices
U.S. consumer prices rose slightly in May as higher energy costs were partly offset by cheaper food. The small increase underscores that inflation is mild.
The Labor Department says the consumer price index ticked up a seasonally adjusted 0.1 per cent last month, only the second increase in seven months. Consumer prices fell 0.4 per cent in April, the largest decline in four years. In the past 12 months, prices have increased 1.4 per cent.
Higher natural gas and electricity costs pushed up energy prices 0.4 per cent. Gas prices were flat. Food costs fell 0.1 per cent, as grocery prices dropped by the most in almost four years.
Outside the volatile food and gas categories, core prices rose 0.2 per cent in May and 1.7 per cent in the past 12 months.