It was pulled down by lower gas prices and slower-rising food costs.
WASHINGTON — An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.
Still, last month’s progress in easing overall inflation was tempered by an elevated reading of “core” prices, a category that excludes volatile food and energy costs. The increase underscored the Core prices rose 4.6% in May from a year earlier, down slightly from the annual increase of 4.7% in April. It was the fifth straight month that the core figure was either 4.6% or 4.7% — a sign that the Fed’s streak of 10 rate hikes over the past 15 months hasn’t subdued all categories of prices.
Friday’s government report also showed that Americans’ incomes rose a solid 0.4% from April to May, outpacing inflation and providing more fuel for future spending. was prepared to keep interest rates at their peak for an extended period to tame the still-rising prices that have shrunk Americans’ inflation-adjusted paychecks and disrupted businesses. The Fed’s policymakers, as a group, envision two additional rate hikes this year.
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