Consumer Price Index, Honolulu Area — May 2024

Area prices were up 0.7 percent over the past two months, up 5.2 percent from a year ago

News Release from US Bureau of Labor Statistics, June 12, 2024

Prices in the Honolulu area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.7 percent for the two months ending in May 2024, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Chris Rosenlund noted that the May increase was influenced by higher prices for shelter. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)

Over the last 12 months, the CPI-U increased 5.2 percent. (See chart 1 and table A.) Food prices rose 3.6 percent. Energy prices advanced 2.7 percent, largely the result of an increase in the price of electricity. The index for all items less food and energy advanced 5.8 percent over the year. (See table 1.)

View Chart Data

Food

Food prices rose 0.8 percent for the two months ending in May. (See table 1.) Prices for food at home increased 0.4 percent, led by higher prices for cereals and bakery products (4.1 percent). Prices for food away from home increased 1.4 percent for the same period.

Over the year, food prices rose 3.6 percent. Prices for food at home increased 1.4 percent since a year ago, led by higher prices for meats, poultry, fish, and eggs (5.4 percent). Prices for food away from home increased 6.7 percent.

Energy

The energy index advanced 2.2 percent for the two months ending in May. The increase was mainly due to higher prices for gasoline (2.3 percent). Prices for natural gas service increased 13.7 percent, and prices for electricity advanced 1.3 percent for the same period.

Energy prices advanced 2.7 percent over the year, largely due to higher prices for electricity (4.7 percent). Prices paid for natural gas service increased 0.6 percent, and prices for gasoline advanced 0.3 percent during the past year.

All items less food and energy

The index for all items less food and energy rose 0.6 percent in the latest two-month period. Higher prices for education and communication (1.6 percent) and shelter (1.3 percent) were partially offset by lower prices for apparel (-4.6 percent).

Over the year, the index for all items less food and energy advanced 5.8 percent. Components contributing to the increase included shelter (10.7 percent) and recreation (4.5 percent). Partly offsetting the increases were price decreases in apparel (-7.8 percent) and new and used motor vehicles (-6.9 percent)….

read … Consumer Price Index, Honolulu Area — May 2024 : Western Information Office : U.S. Bureau of Labor Statistics (bls.gov)

HNN: Inflation impacts most aspects of life in Honolulu, but new datashows some spending categories see decreases (hawaiinewsnow.com)