Rising Housing Costs Drove U.S. Inflation Higher By 0.1% In May, Gasoline Price Flat, Food Costs Drop

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June 18, 2013 10:47 PM EST

The U.S. Consumer Price Index rose by 0.1 percent in May, according to a report released Tuesday by the Bureau of Labor Statistics, matching what a consensus of economists expected for the closely watched inflation guage.

Analysts polled by Briefing.com expected, on average, a 0.1 percent gain in May, following a 0.4 percent drop in April.

The CPI, which measures the change in the price of goods and services purchased by consumers in a month, accounts for a majority of overall inflation.

The cost of housing rose 0.3 percent and accounted for more than half of the seasonally adjusted increase in May's total rise.  The energy prices  rose modestly driven by increases in electricity and natural gas. Gasoline prices were flat in May, the report said. The BLS said food prices dropped 0.3% in May.

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