In May, US annual inflation slowed to 3.3% from 3.4% in April, providing hope for Federal Reserve policymakers.

US annual inflation slowed in May, providing Federal Reserve policymakers hope that progress on inflation has been revived. The latest consumer price index reading eased to 3.3%, down from 3.4% in April, and below market forecasts of 3.4%. This marked the 38th consecutive month of inflation above 3%. Core CPI, which excludes volatile energy and food components, also decreased to 3.4% in May, down from 3.6% in the previous month and below market estimates of 3.5%. These numbers come ahead of a critical Federal Reserve policy meeting, potentially influencing their decision on interest rates.

June 11, 2024
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