Inflation report
The May 2023 inflation report in charts
Consumer prices were 4.0% higher in May 2023 than a year earlier. That inflation rate was down from 4.9% in April 2023 and down from 8.6% in May 2022. Rent was 8.7% higher than a year earlier. Average hourly pay was 4.4% higher than a year earlier.
Inflation rate
4.0%
Down from 4.9% in April 2023
Rent, change over 12 months
8.7%
Down from 8.8% in April 2023
Hourly pay, change over 12 months
4.4%
$33.50 an hour on average
The inflation rate, May 2021 to May 2023
The interactive chart needs JavaScript. The numbers are in the table below.
How fast rent is rising, May 2021 to May 2023
The interactive chart needs JavaScript. The numbers are in the table below.
How fast hourly pay is rising, May 2021 to May 2023
The interactive chart needs JavaScript. The numbers are in the table below.
The numbers
Each month to May 2023, newest first. A dash means BLS published no figure.
| Month | Inflation rate | Rent, 12-month change | Hourly pay, 12-month change |
|---|---|---|---|
| May 2023 | 4.0% | 8.7% | 4.4% |
| Apr 2023 | 4.9% | 8.8% | 4.6% |
| Mar 2023 | 5.0% | 8.8% | 4.6% |
| Feb 2023 | 6.0% | 8.8% | 4.8% |
| Jan 2023 | 6.4% | 8.6% | 4.5% |
| Dec 2022 | 6.5% | 8.3% | 4.9% |
| Nov 2022 | 7.1% | 7.9% | 5.1% |
| Oct 2022 | 7.7% | 7.5% | 5.0% |
| Sep 2022 | 8.2% | 7.2% | 5.1% |
| Aug 2022 | 8.3% | 6.7% | 5.4% |
| Jul 2022 | 8.5% | 6.3% | 5.5% |
| Jun 2022 | 9.1% | 5.8% | 5.4% |
| May 2022 | 8.6% | 5.2% | 5.6% |
| Apr 2022 | 8.3% | 4.8% | 5.8% |
| Mar 2022 | 8.5% | 4.4% | 5.9% |
| Feb 2022 | 7.9% | 4.2% | 5.3% |
| Jan 2022 | 7.5% | 3.8% | 5.6% |
| Dec 2021 | 7.0% | 3.3% | 4.9% |
| Nov 2021 | 6.8% | 3.0% | 5.4% |
| Oct 2021 | 6.2% | 2.7% | 5.4% |
| Sep 2021 | 5.4% | 2.4% | 5.0% |
| Aug 2021 | 5.3% | 2.1% | 4.4% |
| Jul 2021 | 5.4% | 1.9% | 4.3% |
| Jun 2021 | 5.4% | 1.9% | 3.9% |
| May 2021 | 5.0% | 1.8% | 2.3% |
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Sources and notes
- U.S. Bureau of Labor Statistics, Consumer Price Index (CPI-U, all items) (Public domain (U.S. government work)), data as of September 30, 2026.
- U.S. Bureau of Labor Statistics, Consumer Price Index (rent of primary residence) (Public domain (U.S. government work)), data as of September 30, 2026.
- U.S. Bureau of Labor Statistics, Current Employment Statistics (average hourly earnings of all employees, total private) (Public domain (U.S. government work)), data as of September 30, 2026.
- U.S. Bureau of Labor Statistics, Consumer Price Index (CPI-U) (Public domain (U.S. government work)), data as of September 30, 2026.
The U.S. Bureau of Labor Statistics publishes each month's Consumer Price Index around the middle of the next month. The inflation rate is how much the index for all items (CPI-U, not seasonally adjusted) changed from the same month a year earlier; rent and everyday items are measured the same way. BLS collected no prices in October 2025, during a lapse in federal funding, so there is no inflation rate for that month or for the year to October 2026. Hourly pay is BLS's average hourly earnings of private-sector employees.