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 and smaller increases in grocery prices and other items.
The drop-off in overall inflation isn’t likely to convince the Federal Reserve’s policymakers that they’re close to curbing the high inflation that has gripped the nation for two years. The Fed tends to focus more on “core” prices, which exclude volatile food and energy costs and generally provide a clearer view of inflation.
And core prices remained high last month, rising 0.4% from April to May, the sixth straight month of increases at that level or higher. Compared with a year ago, core inflation slipped to 5.3% from 5.5%. That is still far above the Fed's target of 2%. Tuesday's inflation figures arrive just as Fed officials begin a pivotal two-day meeting, after which they're expected to leave interest rates alone after imposing 10 straight rate hikes dating back to March 2022. On Wednesday, the central bank will likely announce that. Top Fed officials have said they're leaning toward a so-called"skip" to allow time to assess how their rate hikes have affected inflation and the overall economy.
The stubbornness of underlying inflation reflects a fundamental challenge for the Fed: The economy has steadily defied long-standing forecasts for a recession,
France Dernières Nouvelles, France Actualités
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