The exact Consumer Price Index (CPI) for all urban consumers (CPI-U) in May 2024 was 314.069.
Understanding the CPI in May 2024
The Consumer Price Index (CPI) is a crucial economic indicator that measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It reflects inflation and deflation trends, impacting everything from purchasing power to economic policy decisions.
In May 2024, the CPI for All Urban Consumers (CPI-U) reached an index level of 314.069. This figure is based on the 1982-84 base period, where the index is set to 100.
Key Movements in May 2024
Here's a breakdown of the changes observed in the CPI for May 2024:
- 12-Month Change: The CPI-U increased by 3.3 percent over the last 12 months, indicating the rate of inflation from May 2023 to May 2024.
- Monthly Change: For the single month of May 2024, the index saw an increase of 0.2 percent prior to seasonal adjustment. This reflects the change in consumer prices from April 2024 to May 2024.
CPI Data for May 2024
| Metric | Value | Description |
|---|---|---|
| CPI-U Index Level | 314.069 | The overall index value for May 2024 (1982-84=100) |
| 12-Month Increase | 3.3% | Percentage change from May 2023 to May 2024 |
| Monthly Increase | 0.2% | Percentage change from April 2024 to May 2024 |
Importance of CPI
The CPI data is widely used for:
- Inflation Measurement: It's the primary gauge of consumer-level inflation.
- Economic Analysis: Policymakers, businesses, and economists use CPI to understand economic trends and make informed decisions.
- Adjustments: Many contracts, social security benefits, and wage agreements are indexed to the CPI to maintain purchasing power.
For more detailed information and historical data on the Consumer Price Index, you can refer to official reports from the Bureau of Labor Statistics.
