The annual inflation rate slowed to 4 percent in May, down from 4.9 percent in April, according to the Bureau of Labor Statistics (BLS). This came in below the consensus estimate of 4.1 percent and represented the lowest level since March 2021.
On a month-over-month basis, the consumer price index (CPI) rose just 0.1 percent, down from 0.4 percent and below the market estimate of 0.2 percent.
“Today’s report is good news for hard working families. It shows continued progress tackling inflation at the same time that unemployment remains at historic lows,” President Joe Biden said in a statement. “I’ve never been more optimistic that our best days are ahead of us.”…