US Consumer Price Index in May increased 2.4% year-on-year

Recently NHK News on-line reported the following:

アメリカ 5月の消費者物価指数 前年同月比2.4％上昇

2025年6月12日 0時26分

アメリカの5月の消費者物価指数が発表され、前の年の同じ月と比べて2.4％の上昇となりました。上昇率は前の月を0.1ポイント上回りました。

アメリカ労働省が11日に発表した、5月の消費者物価指数は、前の年の同じ月と比べて2.4％の上昇となりました。

上昇率は前の月と比べて0.1ポイント高く、4か月ぶりに前の月を上回りました。

一方、変動の大きい食品やエネルギーを除いた、いわゆるコアの物価指数は、前の年の同じ月と比べて2.8％の上昇で、先月から横ばいでした。

項目別では住居費が3.9％、外食費が3.8％、それぞれ上昇した一方、ガソリン価格は12％、衣料品は0.9％、下落しました。

アメリカではこのところインフレ率の低下傾向が続いていますが、今後トランプ政権の関税措置がインフレを再加速させるリスクへの警戒感も出ています。

このため市場では、FRB＝連邦準備制度理事会が来週開く金融政策を決める会合で利下げを見送り政策金利を据え置くという見方が強まっています。

トランプ大統領「FRBは政策金利を1％引き下げるべき」

アメリカで11日に発表された5月の消費者物価指数について、トランプ大統領は自身のSNSに「すばらしい数字だ。FRB＝連邦準備制度理事会は政策金利を1％引き下げるべきだ。そうすれば返済の期限が迫っている債務の利息の支払いが大幅に減ることになる。非常に重要なことだ」と投稿し、改めてFRBに利下げを求めました。

Translation

US Consumer Price Index in May increased 2.4% year-on-year

The US Consumer Price Index for May was announced, increasing 2.4% compared to the same month of the previous year. The increase rate was 0.1 percentage points higher than the previous month.

The US Department of Labor announced on the 11th that the Consumer Price Index for May increased 2.4% compared to the same month of the previous year.

The increase rate was 0.1 percentage points higher than the previous month, for the first time in four months it was higher than the previous month.

Meanwhile, the so-called core price index, which excluded food and energy that were highly volatile, increased 2.8% compared to the same month last year, and was flat month-over-month.

By item, housing costs increased 3.9% and eating out costs increased 3.8%, meanwhile gasoline prices fell 12% and clothing prices fell 0.9%.

In the US, the inflation rate had been on a downward trend recently, but there was also concern that the Trump administration's tariff measures might cause inflation to accelerate again.

For this reason, the market was increasingly of the view that the Federal Reserve might postponing rate interest rates cutting and keep the policy rate unchanged at its meeting next week when deciding on monetary policy.

President Trump: "The Fed should cut the policy rate by 1%".

Regarding the May consumer price index announced in the US on the 11th, President Trump posted on his social media, "Wonderful numbers. The Fed should cut the policy rate by 1%. This will significantly reduce interest payments on debt that is approaching its repayment deadline. This is very important," once again calling on the Fed to cut interest rates.

 So, in the US there is a concern that the Trump administration's tariff measures will cause inflation to accelerate again. For this reason, the market is increasingly holding the view that the Federal Reserve will postponing rate interest rates cutting. Apparently, tariffs war is casting an uncertainty on the US’s economy.