BREAKING: Inflation declines to 4% in May as Fed considers next move
Tuesday’s report marks 11 straight months of declines in annual inflation after the rate peaked at a whopping 9.1% in June of last year. The sharp drop in headline inflation is a positive development as the Federal Reserve convenes Tuesday to whether to continue aggressively raising interest rate hikes as it has over the past year in a desperate bid to limit price hikes.The large decline in the annual inflation rate was driven by the massive jump in May 2022 falling out of the equation.
The rising cost of food, in particular, has been difficult for many households. The price of bread has risen 12.5% over the last year, while dairy products have increased in price by 4.6%. Prior to Tuesday’s latest CPI report, most investors expected the Fed will pause its rate hiking to assess whether it has sufficiently tightened.
The country’s banking sector is still being closely watched following the sudden failure of Silicon Valley Bank in March. SVB’s downfall acted as a bit of a domino and led to a few other bank collapses, as well as some regional banks seeing their stock values plunge.
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