The BLS released May CPI this morning, coming in at only +0.1% seasonally adjusted, +0.3% non-seasonally adjusted.
This is good news for cash-strapped consumers, who are facing tame prices outside of gasoline. The bad news isn't just the price of gasoline, which is worrisome, but also that outright deflation has spread out to things like food, recreation, and even "owner's equivalent rent". That deflation is spreading out is a sign that the economy is weakening, picking up some debt-deflationary steam.
Year-over-year, the deflation rate is now -1.3%.
I'll have more later, with graphs.