News Summary: US consumer prices up 0.1 pct in May

News Summary: Higher energy costs, cheaper food contribute to small rise in US consumer prices

Associated Press
US consumer prices rise just 0.1 pct. in May
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FILE - In a Monday, June 25, 2012 photo, a crew works on a drilling rig at a well site for shale based natural gas in Zelienople, Pa. .S. consumer prices rose slightly in May 2013, as higher energy costs were partly offset by cheaper food. The small increase underscores that inflation is mild. (AP Photo/Keith Srakocic, File)

SMALL RISE: U.S. consumer prices rose a seasonally adjusted 0.1 percent in May, as higher energy costs partly offset cheaper food. Over the past year, prices have risen just 1.4 percent.

STRIPPED DOWN: Excluding volatile food and gas costs, core prices rose 0.2 percent in May from April, the Labor Department reported Tuesday. Core prices are up 1.7 percent over the past 12 months.

IMPACT: Slow economic growth and high unemployment have kept wages from rising quickly. That's made it harder for retailers and other firms to raise prices. But it has helped consumers increase spending this year.

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