On a 'core' basis, stripping the volatile costs of food and gas, prices in May climbed 0.4% over the prior month and 5.3% over the last year — both measures in line with economist forecasts. Consumer prices in May rose at slowest annual rate since 2021:
Consumer prices rose at the slowest pace since April 2021 as inflation showed further signs of cooling in May, according to theThe Consumer Price Index revealed headline inflation rose 0.1% over last month and 4% over the prior year in May, a slowdown from April's 0.4% month-over-month increase and 4.9% annual gain.
The Fed has been raising interest rates to try to bring down inflation, but the central bank risks sending the economy into a recession by hiking rates too high too fast. The Fed has signaled it could pause its hikes, saying it would continue to assess incoming data ahead of the June meeting. Core inflation remained especially sticky last month as rent prices continue to surge. The index for both rent and owners' equivalent rent rose 0.5% each. Owners' equivalent rent is the hypothetical rent a homeowner would pay.
The energy index decreased 11.7% for the 12 months ending in May, while the food index increased 6.7% over the last year. The energy index decreased 3.6% from April to May on a seasonally adjusted basis, led by a 7.7% drop in fuel oil prices, while food prices rose 0.2%.Egg prices fell a whopping 13.8% in May after dropping 1.5% in April and 10.9% in March.in early trading following the release of the data. Treasury yields fell about 7 basis points to around 3.70%.
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