Lower energy costs offset rise in food prices: Americans paid more for food, cars and clothing in May. But overall consumer prices rose by the smallest amount in six months, slowed by the first drop in energy costs in nearly a year. The Consumer Price Index rose 0.2% in May, the Labor Department says. That’s down from April’s 0.4% increase. Food costs rose 0.4%. But energy costs fell 1%. So-called core prices, which exclude volatile food and energy, rose 0.3%, the most in nearly three years. Consumer prices rose 3.6% from April 2010 through May 2011, the biggest one-year gain since October 2008. Excluding the volatile food and energy categories, which account for about 20% of the index, core prices rose 1.5% in that same period. That’s below the Federal Reserve’s informal inflation target of about 2%.
Change allows for greater flexibility: The Academy of Motion Picture Arts and Sciences has approved a change in the nominations process that will allow between five and 10 best picture nominees. The board voted today to approve the change. The number of nominees won’t be determined until the best picture nominees are announced in January. Ten best picture nominations were announced for this year’s and last year’s Oscars. In previous years it was five. Says retiring Academy Executive Director Bruce Davis: “If there are only eight pictures that truly earn that honor in a given year, we shouldn’t feel an obligation to round out the number.”
