Energy prices drove most of May’s inflation increase

Rising energy costs accounted for over 60% of May’s 0.5% increase in U.S. consumer prices, with gasoline prices surging 7% monthly and 40.5% annually. Energy prices rose 23.5% over the past year, outpacing slower food price increases (3.1% annually), while disruptions at the Strait of Hormuz raised concerns about fertilizer supply chains.