info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)

Inflation Rate Falls Down In May 2023 After a Long Period

By Indu Tyagi Ketan , 21 June, 2023

As per the United States Bureau of Labor Statistics, Consumer price growth fell to its lowest rate in May 2023 after a long period since March 2021. Many geopolitical and economic reasons led to the increase in inflation rates.  

Annually the price growth rate came down to 4 percent; price growth rose to 0.1 percent month-over-month. According to the U.S. Bureau of Labor Statistics, in the last 12 months, the price index has increased 4 percent before all seasonal adjustments. The data also added that the shelter index is the largest one to contribute to the monthly increase in the price of all the items, followed by the trucks and cars index. The food index reached up to 0.2 percent in May 2023, but the energy index reduced to 3.6 percent in the same period. Inflation rose during the pandemic outbreak when the demand and sales of goods declined, but specific geopolitical issues worsened, resulting in increased food and energy prices.

The survey shows that inflation has gradually lowered with the high prices coming down. The cost of services like medical and travel expenses by air are the slowest to come down. The core services also reached 4.6 percent from, an increased rate of 5.1 percent in May 2023. The rise in food prices is still intact and growing faster, with 6.7 percent overall compared to other sectors. Food at home prices rise to 5.8 percent, and food from home climbs to 8.3 percent. The consumer price index of different core categories, except food and energy, increased 5.3 percent year-over-year. 

Grocery And Headline Inflation, January 2021- Present Percent, 3- Month Annualized Rate (SA)

Grocery-and-Headline.jpg

Latest News

sector.png
Rate of Oil and Gas Drilling Activities Drops in the United States

The United States went through a decline in oil and gas drilling activities in 2024. Since the beginning of the year, the United States has faced many challenges in keeping up with the oil drilling process. Recently, the surveys showed that the total…

Read More

centers.png
U.S Electricity Demand to Get Double with AI and EV by 2030

Electrification in the energy sector will ramp up in the United States in 2024. The nation aims to set up data centers and increase the production of electric vehicles, citing the green energy transition. Both activities demand a high electricity…

Read More

market.png
Renewable Energy Production Slows down due to Lack of Transformers

Renewables are in high demand in the energy market in 2024. It is due to a clean energy transition that requires a constant flow of renewables in the energy market. The green transformation to combat climate change brings about several environmental…

Read More

period.png
Packaging Manufacturer Collabs with Solar Projects to Enhance Cleantech in 2024

Companies are making significant moves towards the clean energy transition in various ways. In order to reduce carbon emissions, certain companies are investing in several rescue methods in 2024. Renewables production is growing over time as the…

Read More

Amazon.png
Amazon Enables News Technologies to Help its Business Customers

Amazon is one of the leading global e-commerce platforms for consumers. The brand boosts its online shopping experience for users in multiple ways. Surveys show that Amazon regulates several business solutions to increase its products and services…

Read More

Author Pic
Indu Tyagi Ketan

Chief Strategy Officer