Inflation slowed in May, hinting at welcome relief for consumers
CNN
Inflation cooled more than expected in May, new data showed Wednesday, delivering a welcome piece of news just hours before the Federal Reserve is set to make its latest announcement on interest rates.
Inflation cooled more than expected in May, new data showed Wednesday, delivering a welcome piece of news just hours before the Federal Reserve is set to make its latest announcement on interest rates. Consumer prices rose 3.3% from a year earlier, slowing from April’s 3.4% rate, according to the Bureau of Labor Statistics’ latest Consumer Price Index report released Wednesday. On a monthly basis, prices held flat for the first time since July 2022. Falling gas prices kept inflation in check following a 0.3% gain in April. “This is the best news we could’ve gotten this morning,” Philip T. Powell, executive director of the Indiana Business Research Center and clinical associate professor at the Indiana University Kelley School of Business, told CNN. “The Federal Reserve has been watching to make sure this [monthly] number came in below 0.2%.” “If it did, that means inflation is going to come down, which means [the Fed] could lower interest rates,” he added. Economists were expecting a 0.1% monthly increase and an annual gain of 3.4%, according to FactSet consensus estimates.
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