The consumer price index was expected to rise 0.1% in May, according to the Dow Jones consensus estimate.
A 3.6% slide in energy prices helped keep the CPI gain in check for the month. Food prices rose just 0.2%.
Elsewhere, used vehicle prices increased 4.4%, the same as in April, while transportation services were up 0.8%. Pricing did shift notably in the fed funds market, with traders pricing in a 93% chance the Fed will not raise benchmark rates when its meeting concludes Wednesday. The tame CPI reading was good news for workers. Average hourly earnings adjusted for inflation rose 0.3% on the month, the Bureau of Labor Statistics said. On an annual basis, real earnings are up 0.2% after running negative for much of the inflation surge that began about two years ago.
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