The Consumer Price Index, a vital indicator of inflation tracking price fluctuations for a basket of goods and services, rose by 4% over the year ending in May.
This figure reflects a significant drop from April's 4.9% and falls slightly below economists' expectations of a 4.1% gain. The data highlights the 11th consecutive month of inflation deceleration.
Monthly price changes showed a modest increase of 0.1%, slightly below economists' projected 0.2% rise from April to May.
The decline in energy prices and a slowdown in food price hikes contributed to the overall decrease in the headline number.
Additionally, the impact of base effects played a role, as inflation had surged last year, reaching a peak of 9.1% in June.
When excluding the more volatile food and energy components, the core Consumer Price Index indicated a 5.3% annual increase, slightly lower than April's reading, with a 0.4% monthly increase. These core readings closely align with economists' predictions based on consensus estimates.
Economists anticipate that the primary factor driving inflation, the shelter category, will decrease in the coming months.
As the Bureau of Labor Statistics collects rent data every six months, shelter costs tend to lag behind other categories.
However, recent data from the private sector reveals a decline in apartment rents, indicating a potential cooldown in shelter prices that will eventually be reflected in the Consumer Price Index. (ILKHA)
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