Area prices were up 1.4 percent over the past two months, up 9.4 percent from a year ago.

As measured by the Consumer Price Index for All Urban Consumers (CPI-U), Prices in the Riverside area have advanced 1.4 percent for the two months ending in May 2022, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Chris Rosenlund noted that the May increase was influenced by higher prices for shelter, gasoline, and food. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U rose 9.4 percent.   Food prices rose 9.3 percent. Energy prices jumped 35.2 percent, largely the result of an increase in the price of gasoline. The index for all items less food and energy advanced 6.2 percent over the year.

Food

• Food prices advanced 2.1 percent for the two months ending in May. Prices for food at home rose 1.2 percent, led by higher prices for meats, poultry, fish, and eggs (3.7 percent). Food prices away from home increased 3.4 percent for the same period.
• Over the year, food prices rose 9.3 percent. Prices for food at home have jumped 10.5 percent since a year ago, led by a 17.9 percent increase in prices for meats, poultry, fish, and eggs. Food prices away from home rose 8.3 percent.

Energy

• The energy index advanced 2.9 percent for the two months ending in May. The increase was influenced by higher prices for gasoline (3.9 percent). In addition, prices for natural gas services jumped 17.3 percent, but electricity prices decreased 3.9 percent for the same period.
• Energy prices jumped 35.2 percent over the year, mainly due to higher gasoline prices (44.3 percent). In addition, fees paid for natural gas services rose 22.7 percent, and electricity prices increased 18.2 percent during the past year.

All items less food and energy

• The index for all items less food and energy rose 1.1 percent in the latest two-month period. Higher prices for other goods and services (3.0 percent), new vehicles (2.6 percent), and shelter (1.2 percent) were partially offset by lower prices for apparel (-2.0 percent) and alcoholic beverages (-1.1 percent).

Over the year, the index for all items less food and energy advanced by 6.2 percent. Components contributing to the increase included new and used motor vehicles (9.3 percent), household furnishings and operations (9.2 percent), and shelter (6.6 percent