Inflation rate inrceased in May

The inflation rate increased 3.2 percent in May, up from a 2.8 percent gain in April.

Higher prices for gasoline continued to drive the acceleration. Excluding gasoline, inflation still rose at a faster pace year over year in May at 2.2 percent compared with April, which was at 2.0 percent.

On a seasonally adjusted monthly basis, the CPI increased 0.5 percent, largely due to a rise in the recreation, education, reading and transportation components.

Shelter prices continue to decelerate year over year.