May 2026 CPI by category
Year-over-year %.
About this data
Energy prices were up 23.5% year-over-year in May 2026 on the back of the oil shock, dwarfing shelter (+3.4%) and the core rate (+2.9%). Because shelter is more than a third of the CPI basket, its stickiness keeps the floor under inflation even as energy does the headline damage.
May 2026 CPI by category
Year-over-year %. Energy is doing the damage; shelter remains sticky.
Data table
| pct | label | series | source_ref | value_basis |
|---|---|---|---|---|
| 23.5 | Energy | cpi_category | cnbc-cpi-may | May 2026: energy +23.5% YoY (the inflation driver) |
| 4.2 | All items (headline) | cpi_category | cnbc-cpi-may | May 2026: all items +4.2% YoY |
| 3.4 | Shelter | cpi_category | cnbc-cpi-may | May 2026: shelter +3.4% YoY (>1/3 of CPI weight) |
| 2.9 | Core (ex food & energy) | cpi_category | cnbc-cpi-may | May 2026: core +2.9% YoY |
Methodology & sources
Last updated: Aug 5, 2026Methodology
Six source-backed charts telling one connected macro story: the 2026 CPI path (headline vs core), the May 2026 CPI breakdown by category, the headline CPI’s mid-year turn (spring peak into the June cooldown), the year-end core PCE outlook (prior vs revised), the year-end fed funds target path (2021 → 2026), and a snapshot of current US benchmark rates. Every numeric point carries a sources[].ref and a value_basis. CPI figures are BLS releases as reported by CNBC/Marketplace for each month; the core PCE outlook revision (2.9% → 3.4%) traces to J.P. Morgan’s midyear outlook, driven by the Strait of Hormuz oil, gas, fertilizer and helium shock. The fed-funds rate path is from the Federal Reserve’s published FOMC history; the June 2026 hold (range 3.50–3.75%) is the fourth consecutive hold under Chair Kevin Warsh. The 10-year Treasury and 30-year mortgage are dated snapshots (mid/late June 2026). CAVEAT: headline CPI and core PCE are different gauges, charted separately by design — the divergence between a falling headline and a rising core outlook is the point. The Feb 2026 CPI point shows headline only (core for that month was not in the cited reporting). Fed-funds points use the midpoint of the target range. Re-verified 2026-07-17.
Comparisons are informative, not definitive. See each source for definitions and limits.