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May 2025 Inflation Report: CPI, Input Prices, Utility Costs—What’s Next?

The May 2025 Inflation Report shows CPI rose just 0.2% in April while Core CPI held steady at 2.8%—but leading indicators are flashing yellow. The ISM Prices Paid Index reached its highest level since June 2022, and utility costs rose 6.2% year-over-year, weighing heavily on property operations.


As upstream pressures build and cost volatility continues, CRE investors and operators should be prepared for shifting expense dynamics across the months ahead.





May 2025 CPI Input Utility CRE Report Graphic







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