Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year’s steady easing of inflation.
Measured year over year, inflation slowed to just 4% in May — the lowest 12-month figure in over two years and well below April’s 4.9% annual rise. The pullback was driven by tumbling gas prices, a much smaller rise in grocery prices than in previous months and less expensive furniture, airfares and appliances.
Yet most analysts expect those costs to slowly ease in the coming months, which could put core inflation on a steady downward path. Wholesale prices of used cars declined last month, for example, which may foretell lower retail used-car prices in coming months. The stubbornness of underlying inflation reflects a fundamental challenge for the Fed: The economy has steadily defied long-standing forecasts for a recession, dating back more than a year. Instead, businesses have kept hiring at a healthy pace, average paychecks are climbing and workers are freely spending their larger wages.
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US consumer price growth slowed last month, though underlying inflation measures stayed highConsumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year’s steady easing of inflation
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