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The Consumer Price Index (CPI) rose 0.1% in May and 2.4% year over year, the Bureau of Labor Statistics reported this week. It’s a lower-than-expected rise as the impact of President Trump’s tariffs has yet to fully be seen as brands and retailers begin to initiate plans to raise prices in the coming months.
Core CPI—which excludes food and energy prices—saw a 0.1% incline, a slight cooling from April’s 0.2% increase.
The index for food increased 0.3% in May, as both food away from home and food at home rose by the same amount. Three of the six major grocery categories saw price bumps, with cereals and bakery products (1.1%), fruits and vegetables (0.3%) and other food at home (0.7%), all inching up. Meats, poultry, fish, and eggs dropped 0.4%, as egg prices continue to decline, down 2.7% in May, while prices also dipped for nonalcoholic beverages (0.3%) and dairy and related products (0.1%).
Across other retail and CPG categories, prices rose for major appliances (4.3%) and toys (1.3%), but fell for housekeeping supplies (0.1%), personal care products (0.2%), and apparel (0.4%).
Prices pending: Many brands and retailers have announced forthcoming price bumps as a result of Trump’s tariff policies. Last month, E.l.f. shared on Instagram that it’s raising prices by $1 starting August 1, as “inflation and tariffs are hitting us hard,” the company said. Apparel makers are also boosting prices: Nike has plans to hike prices for apparel and equipment between $2 and $10, while Lululemon will initiate hikes in the back half of Q2 and Q3. Retailers like Best Buy, Walmart, Target, and Costco have also said they’ve increased or plan to increase prices soon.
Trump’s tariff policies also continue to evolve, as the president today said he’s reached a trade deal with China with US tariffs on Chinese goods hitting 55%, while Chinese tariffs on US goods will be 10%.
Next up: The Department of Commerce is set to release retail sales data for May on June 17, following a lackluster spending month in April, when retail sales ticked up just 0.1%.