> May 2024 CPI Report: Inflation 3.3%, Core 3.4%
> Source: https://interestratedecision.com/cpi/may-2024/ · Content last changed: 2026-11-09
> InterestRateDecision.com: free to quote with a link to the page above.

US CPI for May 2024: 3.3% a year (0.0% on the month), core 3.4%. EUR/USD moved +48.8 pips in 15 minutes. Released Jun 12, 2024.

# May 2024 CPI report

The May 2024 consumer price index report, released Wednesday, June 12, 2024 at 8:30 AM EDT, showed US consumer prices up 3.3% a year, down from 3.4%, 0.0% on the month. Excluding food and energy (core), prices were up 3.4% a year and +0.2% on the month.

CPI a year**3.3%**▼ down from 3.4%

CPI a month**0.0%**as first published

Core a year**3.4%**+0.2% on the month

EUR/USD, 15 min**+48.8**pips against the last price before

## The May 2024 figures

| Measure | May 2024 | April 2024 | May 2023 |
| --- | --- | --- | --- |
| **CPI, a year** | **3.3%** | 3.4% | 4.0% |
| **CPI, a month** | **0.0%** | +0.3% | +0.1% |
| **Core CPI, a year** | **3.4%** | 3.6% | 5.3% |
| **Core CPI, a month** | **+0.2%** | +0.3% | +0.4% |

Source: U.S. Bureau of Labor Statistics. Core is consumer prices excluding food and energy. The monthly change is as first published; the yearly change is from the not seasonally adjusted index. This compares with earlier months, not with what economists expected.

## What the dollar did in the hour after

Pips against the last price before the release (8:30 AM EDT), from one-minute candles. A negative EUR/USD, GBP/USD, AUD/USD or NZD/USD move, or a positive USD/JPY, USD/CHF or USD/CAD move, is a higher dollar.

| Pair | 1 min | 5 min | 15 min | 60 min | Furthest up, 15 min | Furthest down, 15 min | At 15 minutes |
| --- | --- | --- | --- | --- | --- | --- | --- |
| **EUR/USD** | +39.8 | +50.8 | **+48.8** | +69.1 | +61.3 | −0.4 | dollar lower |
| **GBP/USD** | +52.5 | +70.8 | **+71.0** | +93.5 | +82.0 | −0.2 | dollar lower |
| **USD/JPY** | −66.4 | −69.3 | **−88.1** | −140.3 | −4.8 | −91.4 | dollar lower |
| **USD/CHF** | −46.0 | −52.2 | **−46.9** | −47.0 | +0.1 | −58.9 | dollar lower |
| **AUD/USD** | +64.5 | +68.4 | **+66.1** | +86.1 | +74.6 | −3.0 | dollar lower |
| **USD/CAD** | −26.7 | −39.5 | **−38.9** | −57.6 | +3.5 | −46.2 | dollar lower |
| **NZD/USD** | +52.6 | +57.9 | **+57.2** | +75.0 | +66.1 | −0.4 | dollar lower |

Past reactions describe what happened; they are not a forecast. How all 45 reports since Jan 12, 2023 compare is on the [CPI report](https://interestratedecision.com/cpi/) page.

## What it means for the next Fed decision

The Fed decides next on [Wednesday, December 9, 2026](https://interestratedecision.com/fed/) at 2:00 PM EST. Data like this CPI report is part of what the committee weighs: see [the Fed rate forecast](https://interestratedecision.com/blog/fed-rate-forecast/) for the dots against today’s rate.

The odds from the record for that meeting: **hold 62%**. They are counted from every Fed decision since 2008 by fixed rules, not from markets and not from this report: [how they are made](https://interestratedecision.com/fed/rate-odds/).

Cut **1%** Hold **62%** Hike **37%**

## More

The next CPI report, for November 2026, is due on Thursday, December 10, 2026. The Fed’s decisions follow the inflation data: see [the next Fed interest rate decision](https://interestratedecision.com/fed/), [Fed rate cuts since 2008](https://interestratedecision.com/fed/rate-cuts/) and [basis points to percent](https://interestratedecision.com/basis-points/).

[← April 2024 CPI](https://interestratedecision.com/cpi/april-2024/) [June 2024 CPI →](https://interestratedecision.com/cpi/june-2024/)

## Questions

What was the CPI for May 2024?

The May 2024 consumer price index report, released Wednesday, June 12, 2024 at 8:30 AM EDT, showed US consumer prices up 3.3% a year, down from 3.4%, 0.0% on the month. Excluding food and energy (core), prices were up 3.4% a year and +0.2% on the month.

How did the dollar react to the May 2024 CPI?

Measured on one-minute candles against the last price before the release, EUR/USD moved +39.8 pips in one minute, +50.8 in five, +48.8 in fifteen and +69.1 in sixty (a negative move is a higher dollar). In the first 15 minutes it went as far as +61.3 up and −0.4 down. Past reactions describe what happened, not what will.

Was the May 2024 CPI higher or lower than the month before?

The yearly rate was 3.3%, lower than 3.4% in the April 2024 report. That compares with the month before, not with what economists expected, which this site does not publish.

Where do the figures come from?

U.S. Bureau of Labor Statistics, read automatically and never typed by hand. The monthly change is as first published; the yearly change is from the not seasonally adjusted index. Check it at bls.gov.

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