May 2026

Released June 10, 2026


+4.25 percent
Consumer Price Index inflation
May 2025 to May 2026
+0.47 percent
Consumer Price Index inflation
Apr 2026 to May 2026
-0.15 percent
Change in real average weekly earnings
Apr 2026 to May 2026


Consumer Price Index



From April 2026 to May 2026:

  • Headline CPI-U inflation was 0.47 percent.
    • Food price inflation was 0.16 percent.
    • Energy price inflation was 3.88 percent.
  • Core CPI-U inflation was 0.21 percent.


From May 2025 to May 2026:

  • Headline CPI-U inflation was 4.25 percent.
    • Food price inflation was 3.08 percent.
    • Energy price inflation was 23.54 percent.
  • Core CPI-U inflation was 2.85 percent.


Note: Core CPI-U excludes food and energy.





Table 1. Consumer Price Index inflation

May 2026 Apr 2026 Chg. from Apr 2026 May 2025 Chg. from May 2025
Month-over-month inflation
Consumer Price Index 0.47% 0.64% -0.17pp 0.10% 0.37pp
Core Consumer Price Index 0.21% 0.38% -0.17pp 0.13% 0.08pp
Food Consumer Price Index 0.16% 0.50% -0.34pp 0.29% -0.13pp
Energy Consumer Price Index 3.88% 3.81% 0.07pp -0.71% 4.59pp
Year-over-year inflation
Consumer Price Index 4.25% 3.81% 0.44pp 2.35% 1.90pp
Core Consumer Price Index 2.85% 2.75% 0.10pp 2.79% 0.06pp
Food Consumer Price Index 3.08% 3.18% -0.10pp 2.88% 0.20pp
Energy Consumer Price Index 23.54% 17.87% 5.67pp -3.46% 27.00pp


Table 2. Cleveland Federal Reserve forecast

Cleveland Fed forecast Actual Forecast error
Month-over-month inflation
Consumer Price Index 0.46% 0.47% -0.01pp
Core Consumer Price Index 0.23% 0.21% 0.02pp
Year-over-year inflation
Consumer Price Index 4.18% 4.25% -0.07pp
Core Consumer Price Index 2.82% 2.85% -0.03pp


Real earnings


From April 2026 to May 2026:

For all employees on private nonfarm payrolls:

For production and nonsupervisory employees on private nonfarm payrolls:

Note: “Real” measures are those adjusted for inflation.

Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.


Table 3. Change in real earnings

May 2026 Apr 2026 Chg. from Apr 2026 May 2025 Chg. from May 2025
Month-over-month change
All employees
Real weekly earnings -0.15% -0.19% 0.04pp 0.05% -0.20pp
Real hourly earnings -0.09% -0.53% 0.44pp 0.35% -0.44pp
Production and non-supervisory
Real weekly earnings -0.30% -0.33% 0.03pp -0.03% -0.27pp
Real hourly earnings -0.30% -0.30% 0.00pp 0.30% -0.60pp
Year-over-year change
All employees
Real weekly earnings -0.40% -0.20% -0.20pp 1.27% -1.67pp
Real hourly earnings -0.71% -0.27% -0.44pp 1.62% -2.33pp
Production and non-supervisory
Real weekly earnings -0.18% 0.09% -0.27pp 1.56% -1.74pp
Real hourly earnings -0.80% -0.20% -0.60pp 1.95% -2.75pp


Upcoming releases


Date Time Release Data source
Jun 11 10:00 AM Monthly Fiscal Update, May 2026 U.S. Treasury
Jun 23 10:00 AM State Employment and Unemployment, May 2026 Bureau of Labor Statistics
Jun 25 08:30 AM Monthly Expenditures Update, May 2026 Bureau of Economic Analysis
Jun 25 08:30 AM Monthly GDP Update, Q1 2026 Third Estimate Bureau of Economic Analysis
Jul 02 08:30 AM Monthly Employment Update, June 2026 Bureau of Labor Statistics
Jul 07 08:30 AM Monthly Trade Update, May 2026 Bureau of Economic Analysis
Jul 08 10:00 AM Monthly Debt Update, July 2026 U.S. Treasury


Notes


Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.