US Consumer Price Index Rises 3.8% Year-on-Year, Highest Level in 2 Years and 11 Months

Recently NHK News on-line reported the following:

CPI in the United State (Source: NHK)

米消費者物価指数 去年同月比3.8％上昇 2年11か月ぶりの高水準

2026年5月12日21:55

(2026年5月12日23:41更新)

アメリカ

アメリカのインフレの動向を示す先月の消費者物価指数は、去年の同じ月と比べて3.8％の上昇となりました。イラン情勢を受けてガソリン価格などが大きく上昇したためで、伸び率は2年11か月ぶりの高い水準となっています。

アメリカ労働省が12日に発表した先月の消費者物価指数は去年の同じ月と比べて3.8％の上昇となりました。

伸び率は前の月から0.5ポイント拡大し、2023年5月以来、2年11か月ぶりの高い水準となっています。

伸び率の拡大は2か月連続です。

ホルムズ海峡の事実上の封鎖の影響などで原油価格の高騰が続いていることを背景に、ガソリン価格の上昇率が28.4％となるなどエネルギー価格の大幅な上昇が全体を押し上げました。

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も去年の同じ月と比べて2.8％の上昇と、伸び率が前の月から0.2ポイント拡大しました。

トランプ大統領がFRB＝連邦準備制度理事会に対して繰り返し利下げを求めるなか、インフレが再び進んでいることがアメリカの景気やFRBの金融政策のかじ取りにどのような影響を及ぼすかが焦点となりそうです。

Translation

US Consumer Price Index Rises 3.8% Year-on-Year, Highest Level in 2 Years and 11 Months

May 12, 2026 21:55

(Updated May 12, 2026 23:41)

United States

The US Consumer Price Index (CPI), which indicated inflation trends, rose 3.8% last month compared to the same month last year. This was due to a significant increase in gasoline prices and other factors as a result of the situation in Iran, and the rate of increase was the highest in 2 years and 11 months.

The US Department of Labor announced on the 12th that the CPI of last month rose 3.8% compared to the same month last year.

The rate of increase expanded by 0.5 percentage points from the previous month, reaching the highest level in 2 years and 11 months since May 2023.

This marked the second consecutive month in rate increase expansion.

Against the backdrop of soaring crude oil prices due to the de facto blockade of the Strait of Hormuz, a significant rise in energy prices, including a 28.4% increase in gasoline prices, pushed up the overall index.

The so-called core inflation index, which excluded volatile food and energy prices, rose 2.8% compared to the same month last year, the growth rate increased by 0.2 points from the previous month.

With President Trump repeatedly calling on the Federal Reserve to cut interest rates, the focus would likely be on how the renewed inflation could affect the US economy and the Federal Reserve's monetary policy.

So, the CPI in the US which indicates inflation trends rose 3.8% last month compared to the same month last year. This is due to factors mostly related to the situation in Iran. Apparently, how a renewed inflationary trend may affect the US economy and the Federal Reserve's monetary policy will attract attention from economists.