Specifically, the overall CPI was up 0.4% in May, at a 3.3% annual rate in the latest three months and 2.1% over the last 12 months. The core ex-food and energy measure was up 0.3% last month, at a 2.8% year pace in the past three months and 2.0% over the last year. The even more contrived gauge that excludes food, energy and shelter costs was up 0.2%, a 2.4% pace in the past three months and 1.3% for the past year (which proves inflation is low if you don't count necessities.) Even so, they note the accelerating trend holds this also holds for such nonessential items as shelter, apparel, vehicles and medical care.