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Inflation, as measured by the Consumer Price Index for all Urban Consumers (CPI-U), was flat in April and up 3.3 percent nationwide in the 12 months ending May ’24. Core inflation, which excludes the volatile food and energy categories, rose 0.2 percent from last month and 3.4 percent over the year. (Note: The CPI numbers reported here are not seasonally adjusted.)

Restaurant meals, electricity, motor vehicle insurance, motor vehicle repairs, shelter, and the personal services category saw the greatest year-over-year price increases. Alcoholic beverages, apparel, food at home (i.e. groceries), education and communications services, gasoline, medical care, recreational services, and utility gas saw modest increases. Air fares, household furnishings, and used cars and trucks saw price declines. 

The next release of CPI data will be on Thursday, July 11, 2024.

Prepared by Greater Houston Partnership Research

Patrick Jankowski, CERP
Chief Economist
Senior Vice President, Research
pjankowski@houston.org

Leta Wauson
Research Director
lwauson@houston.org