Biz Brief: Consumer Price Index Falls 0.2% In May

The Consumer Price Index fell 0.2% in May, its second consecutive decline, as energy costs, particularly the cost of gasoline fell, the U.S. Bureau of Labor Statistics reported Thursday.

Energy prices plunged by 2.9% in May, offsetting gains in virtually all of the other major indexes. The food index remained unchanged, while all remaining items, including shelter, used cars, trucks, tobacco and apparel, increased by a slight 0.1%. Discounting food and energy, the CPI marked its second monthly increase, on a seasonally adjusted basis, for the second time this year. And during the past 12 months, the index has increased 0.9%.