BREAKING: Inflation slows to 4% in May, the lowest reading since March 2021.
A shopper looks over a selection of canned soups April 30 at the Tops Super Market in Greenville, N.Y.June 13, 2023, 12:39 PM UTCConsumer price growth cooled again in May to the lowest level since March 2021, the Bureau of Labor Statistics reported Tuesday.The reading was slightly better than economists' forecast of 4.1% — and down significantly from 4.9% rate in April. On a monthly basis, forecast was for a 0.1% increase, lower than April's 0.4% reading.
The decline has been helped by gasoline prices, which have steadily fallen after sharp increases last year that were largely the result of Russia's invasion of Ukraine., analysts are now debating just how fast inflation will continue to fall.In a note to clients Monday, economists at Citibank said workers' pay increases continue to be substantial at about 6% since March 2022. It's a pace, they say, that is"consistent with underlying price inflation stably around 4.5% to 5%.
While that metric is down from the 14.3% high last September, consumers are increasingly buying more of their groceries online, according to the Adobe data. As a result, the category has generally moved in lock step with the official Consumer Price Index.
"The cost of agriculture relative to other costs for food is small; it's mainly labor, transportation, and real estate," Lusk said."So if you're looking at causes, it's probably in those spaces."The Federal Reserve is still hoping to cool the overall inflation rate to 2%. On Wednesday, it will announce its latest interest rate policy, and is expected to hold the key federal funds rate at about 5% following 10 consecutive rate hikes since March last year.
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