Why were prices rising in May 2024?

As of May 2024, the Basket Index for a US family of 4 sits at 127.0 — meaning the cost of a standard household basket has risen 4.6% versus a year ago and is up 0.24% from the previous month.

Most of the move comes from rent of primary residence, electricity (residential), gasoline (regular unleaded) and ground beef (100% beef). Together these items account for roughly 35% of the year-over-year basket cost change.

Offsetting the increases: milk (whole, fortified) (-4.4%), bananas (-1.0%) are cheaper than a year ago.

Inflation is rarely caused by one thing. Energy prices feed into food production and shipping; rent moves with housing supply and interest rates; and grocery prices respond to supply shocks, weather, and demand patterns. Basket Index does not claim causality — it tracks the prices households actually face, and lets you see which categories are pulling the basket up.

• Rent of Primary Residence: +5.3% YoY, ~19% of basket move.
• Electricity (Residential): +6.1% YoY, ~10% of basket move.
• Gasoline (Regular Unleaded): +1.4% YoY, ~4% of basket move.