The energy index fell 1.6% in the 12 months to May, its first year-over-year decline since October 2009. Natural gas prices (-16.6%) continued to post declines. Gasoline prices decreased 2.3%, after 22 months of year-over-year increases. In contrast, electricity prices continued to rise.
Excluding energy, the Consumer Price Index (CPI) rose 1.7% in the 12 months to May after increasing 2.1% in April. For the second consecutive month, the CPI excluding energy increased at a faster rate than the All-items CPI.