June 12 (UPI) -- U.S. consumer prices were unexpectedly flat for the first time in 2024, according to a report by the Labor Department Wednesday.
The consumer price index, or CPI, was unchanged from April to May while the all items index rose 3.3% from May 2023, the Bureau of Labor Statistics reported.
The new May figures were both 0.1% below Wall Street predictions.
Core CPI, which excludes more volatile food and energy prices, rose 0.2% in May and 3.4% from 2023.
The zero growth in prices comes on the heels of a 0.3% increase in April and 0.4% in February and March.
The Labor Department said the index saw a decline in gasoline, while the housing index rose 0.4% for the fourth straight month. The food index jumped slight, 0.1%,
"The food away from home in the index rose 0.4% over the month while the food at home index was unchanged," the Labor Department said. "The energy index fell 2.0% over the month led by a 3.6% decrease in the gasoline index."
In other items of note, the medical care index increased 0.5% in May after jumping 0.4% the month before, while the used car and truck index increased 0.6%, airfares dropped 0.6%, new vehicles tumbled 0.5% and recreation index dropped 0.2% as summer approaches.
The report comes as the Federal Open Market Committee concludes its two-day policy meeting with the Federal Reserve expected to keep interest rates unchanged.
