The Labor Department announced on Thursday the U.S. consumer price index (CPI) rose 0.6 percent m-o-m in May, following an unrevised 0.8 percent m-o-m increase in the previous month.

Over the last 12 months, the CPI climbed 5.0 percent y-o-y, accelerating from +4.2 percent y-o-y reported for the period ending in April. This was the highest reading since August 2008.

Economists had forecast the CPI to rise 0.4 percent m-o-m and 4.7 percent y-o-y in the 12-month period.

According to the report, the index for used cars and trucks continued to rise sharply, climbing 7.3 percent m-o-m in May. This gain accounted for about one-third of the seasonally adjusted all items advance. Meanwhile, the food index rose 0.4 percent m-o-m, while the energy index was flat m-o-m as a drop in the gasoline index again offset gains in the electricity and natural gas indexes.

The core CPI excluding volatile food and fuel costs jumped 0.7 percent m-o-m in May after an unrevised 0.9 percent m-o-m climb in the previous month.

In the 12 months through May, the core CPI surged 3.8 percent compared to an unrevised 3.0 percent advance for the 12 months ending April. This was the largest 12-month increase since June 1992.

Economists had forecast the core CPI to increase 0.4 percent m-o-m and to 3.4 percent y-o-y last month.