Motor fuel prices lead Midwest CPI increase

The Midwest Consumer Price Index rose 0.5 percent last month to settle at 223.05, up from 221.93 in April.

According to a U.S. Bureau of Labor Statistics news release, the month-to-month increase can be largely attributed to a 5.3 percent bump in prices for motor fuel. The 4.1 percent energy index month-to-month increase also includes a 2.8 percent rise in the cost for piped utility gas service and a 2.2 percent jump in electricity costs.

Food prices dropped by 0.2 percent in May, with the food at home index decreasing by 0.4 percent and costs for food away from home rising 0.2 percent.

The index for all other items declined slightly, moving down 0.1 percent last month. Higher prices were recorded for shelter, 0.2 percent, recreation, 0.5 percent, and household furnishing and operations, 0.3 percent. Among offsetting categories was medical care commodities, which decreased by 1.1 percent, the release said.

The CPI - which shows price changes for energy, food and all other items - is measured in comparison to a base period of 1982-84. A typical market basket of goods and services that cost $100 in 1982-84 cost $223.05 last month. The index is not seasonally adjusted, and items are weighted based on their spending significance in certain areas.[[In-content Ad]]