Inflation increased slightly in May and remained above the Federal Reserve’s target rate ahead of the central bank’s next meeting this month.
The Bureau of Labor Statistics on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.1% in May compared with last month, while it was up 2.4% on an annual basis.
Those figures were slightly cooler than the estimates of economists polled by LSEG, while the annual CPI ticked up from 2.3% a month ago.
So-called core prices, which exclude more volatile measurements of gasoline and food to better assess price growth trends, were up 0.1% from the prior month and 2.8% on an annual basis, both below economists’ estimates of 0.3% and 2.9%, respectively.
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