Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
The U.S. consumer price index, the government’s top measure for inflation, remained unchanged in May, meaning prices for goods and services largely were the same last month as they were in April. For the 12-month period ending in May, the price of goods and services increased by 3.3%, according to government data. The new inflation data was released Wednesday by the government's Bureau of Labor Statistics.
The good news for consumers is that inflation for food purchased at grocery stores is low. In the 12 months ending in May, food meant to be consumed at home was 1% higher. Just a few years ago, annual food inflation topped 10%. This slowing of food inflation comes as major chains, such as Walgreens and Target, have announced price rollbacks on numerous items.
May marked 13 consecutive months with a consumer price index between 3% and 4%. With inflation failing to drop below 3%, the Federal Reserve has continued to keep interest rates at a five-decade high since late 2023. Higher interest rates are meant to lower inflation.
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