Consumer Prices Flat In May As Inflation Rate Slows

Yahoo Finance reports:

A closely-watched report on US inflation showed consumer price increases cooled during the month of May, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.

The Consumer Price Index (CPI) remained flat over the previous month and rose 3.3% over the prior year in May — a deceleration from April’s 0.3% month-over-month increase and 3.4% annual gain in prices.

Both measures beat economist expectations. A decline in energy prices, led by a drop in gas prices, contributed to further downward pressure on headline CPI.

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BREAKING: New consumer pricing data shows that inflation lowered in May. Gas and grocery prices also plummeted.

— Biden’s Wins (@BidensWins) June 12, 2024

Consumer prices did not rise on the whole in May and the annual inflation rate came in slower than expected, according to data released by the Labor Department. https://t.co/SPkyImGjac

— The Hill (@thehill) June 12, 2024