The latest Consumer Price Index report from the U.S. Bureau of Labor Statistics indicates consumers received some relief at the gas pump by the end of May.
According to the BLS, the energy index fell 1 percent last month, resulting in the first decrease in 10 months. The gasoline index dropped 2 percent in May, but the decline had little effect on the 36.9 percent year-over-year increase.
Although energy may be slightly less expensive now than a month ago, the cost of food continues to put pressure on consumers' finances. The report found that the food index climbed 0.4 percent in May, matching the rise seen in April. The index for meats, poultry, fish and eggs increased 1.5 percent in May, while the index for fruits and vegetables dropped 1.3 percent.
With gas prices on the decline, some consumers may finally be getting the financial respite they need to get their money and credit in shape. Although more focused bill payments and responsible credit use are key ways to getting credit scores back on track, some consumers are also turning to credit repair strategies to elevate their three-digit numbers.
By working with credit lawyers to investigate problematic and questionable items on their credit reports, some individuals have been able to get a quick credit fix to improve their credit standing.