- The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for goods and services.
- The Consumer Price Index (CPI) rose 0.1% in May and increased 4.0% from a year ago.
- While this appears to be a slowdown from the peak of 9.1% in June of 2022, prices are actually far higher than the year-over-year change portrays.
- Comparing the increase from May 2023 to May 2021, prices have increased 13.0% in the last two years.
- Since Biden took office in January 2021, prices are up 15.5%.
- For reference, prices increased 4.8% over the same time period under Trump and 7.8% over the full time in office.
- The Right Facts will continue to monitor CPI.