The Consumer Price Index (CPI) for May 2024 is expected to rise by 3.4% year-over-year, according to the median estimate. This projection matches the increase seen in the prior month of April 2024.
In the past 12 months, the CPI has exceeded the median estimate in 6 months, matched it in 2 months, and fallen short in 4 months. Over the last 5 years, the CPI has surpassed the median estimate 53% of the time, matched it 17% of the time, and fallen short 30% of the time.
The median estimate of 3.4% is based on 13 estimates collected by FactSet, ranging from 3.30% to 3.50%. The spread between the low and high estimates is 20 basis points, which is lower than the average spread over the past 12 months and 5 years.
Additionally, the median estimate for the Core CPI, which excludes food and energy prices, is 3.5%.
The U.S. Bureau of Labor Statistics (BLS) is set to release the official CPI and Core CPI numbers for May on June 12th.
Please note that this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice. FactSet does not endorse any specific investments and is not liable for any actions taken based on the information provided in this article.