Economy and Business > The data of the day
Inflation was 4% in the year ended May, from 4.9% in April
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June 13, 2023 at 11:26
Laiinflation in the United States cooled even more in May, the Labor Department reported Tuesday, andThis is an encouraging sign for policy makers looking to curb rising prices.
The Consumer Price Index (CPI), a key indicator of US inflation was 4% in the year ended May, in line with analysts’ expectations and below the 4.9% increase in April. It is the lowest level since March 2021. The core CPI stands at 5.3% year-on-year, from 5.5% previously.
This data reinforces expectations of a pause in the US Federal Reserve (Fed) rate hike policy. The decision will be known tomorrow Wednesday when the two-day meeting ends.
The Observer and AFP
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