US Inflation Slows, Giving Room for Fed to Pause Rate Hikes
June 13, 2023
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0:40Now PlayingUS Inflation Slows, Giving Room for Fed to Pause Rate Hikes
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as posted by the channelUS inflation slowed in May, supporting the case for Federal Reserve officials to pause their run of interest-rate hikes this week.
Both the consumer price index and the core CPI — which excludes food and energy — decelerated on an annual basis, highlighting inflation’s descent since peaking last year. At 4%, year-over-year inflation is now at its lowest level since March 2021, according to data out Tuesday from the Bureau of Labor Statistics.
That said, a key gauge of prices closely watched by the Fed continued to rise at a concerning pace. The core CPI rose 0.4% for a third straight month, in line with estimates. The overall CPI, however, increased a smaller 0.1%, aided by lower gasoline prices.
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