The U.S. consumer price index (CPI) for jewelry fell 0.7 percent year on year in May to 173.3 points. While the index's change was slight, it was a significant shift being the first price decrease since August 2009. May's reading followed a 0.5 percent year-on-year increase in April.
The CPI is now at its lowest reading since March 2011; however, May was the seventeenth consecutive month to register a reading above 170 points, reflecting historically strong commodity prices since 2008.
Meanwhile, the CPI for all product categories combined in May rose 1.7 percent year on year to 228.53 points. This reading was down from the record high of 229.18 points set in April.