VADYM - STOCK.ADOBE.COMA U.S. Bureau of Labor Statistics report showed that inflation eased for the 11th straight month in May. Prices rose 4% compared with a year earlier, the smallest 12-month increase since March 2021 and an improvement from the 4.9% annual rate in April. Prices also rose 0.1% in May.
In a statement, the Bureau of Labor Statistics stated, “The Consumer Price Index for All Urban Consumers rose 0.1% in May on a seasonally adjusted basis, after increasing 0.4% in April. … Over the last 12 months, the all-items index increased 4% before seasonal adjustment.”
Federal Reserve officials are meeting to determine the next steps to slow inflation, which it would prefer to see at 2%, according to published reports. Options include holding interest rates steady but preparing for an increase this summer or fall.
The Fed has raised rates from low levels last year to try to slow growth and tame inflation. In May, officials raised the benchmark interest rate to the current range of 5% to 5.25%, the highest in 16 years.
