US inflation cooled in May in sign that price pressures may be easing 

Customers queue up to order at an In-N-Out restaurant Sunday, June 2, 2024, in Lone Tree, Colo. On Wednesday, June 12, 2024, the Labor Department issues its report on prices at the consumer level in May.

Inflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed. The trend, if it holds, could move the Federal Reserve closer to cutting its benchmark interest rate from its 23-year peak.