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OAN’s Alicia Summers
4:02 PM – Wednesday, June 12, 2024
Inflation slowed in May, according to the Consumer Price Index that was released today.
The Labor Department’s report, which measures a basket of goods and services, defied expectations by showing no rise in U.S. consumer prices for May. We haven’t seen this happen in almost two years.
The annual inflation rate is now 3.3%, down from 3.4% in April.
Core inflation, excluding food and energy, also fell, marking the smallest year-over-year gain since April 2021.
The CPI indicates a positive trend for the Federal Reserve, which has been hiking interest rates to combat inflation that peaked at 9.1% in June 2022.
Inflation still remains above the Fed’s 2% target, which might be a factor in why the Fed held rates steady today, deciding not to cut.
To explore further, Eddy Gifford, Wealth Advisor with TACTIVE, joins Alicia Summers.