On the heels of the Federal Reserve's decision not to raise its key interest rate comes fresh evidence that inflation is nowhere to be found, except perhaps in the shelter category.

The Labor Department on Thursday reported the Consumer Price Index for all goods and services minus food and energy rose a meager 0.2%. It would have been less if not for a 0.4% rise in the shelter category, which includes housing. During the past 12 months, inflation is down: The all items index rose 1.0% for the 12 months ending in May, compared to a 1.1% increase for the 12 months ending April.

"The increase was mainly due to a rise in the shelter index, which increased 0.4% in May, its largest advance since
February 2007," BLS said. "The rent index rose 0.4%, while the index for owners' equivalent rent increased 0.3%.

The CPI increased 1.0 % over the last 12 months to an index level of 240.236 (1982-84=100). For the month, the
index increased 0.4% prior to seasonal adjustment. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.6% over the last 12 months. For the month, the index rose 0.5% on a not
seasonally adjusted basis.