The consumer price index rose at its slowest pace in two years in May, the U.S. Bureau of Labor Statistics said Tuesday.
But food and energy prices can be volatile. That's why economists use a measure that strips out such categories to get a better sense of inflation's trajectory going forward. The measure — so-called "core CPI" — has somewhat plateaued since the fall.
Shelter prices rose 0.6% in May, up from 0.4% in April. They're up 8% in the past year. However, economists expect housing prices toMonthly prices for used cars and trucks, motor vehicle insurance, apparel, personal care and education also increased notably in May, the BLS said. Over the past year, there was deflation in categories like airline fares, car and truck rentals, citrus fruits, fresh whole milk, and used cars and trucks.Inflation during the pandemic era has been a "complicated phenomenon" stemming from "multiple sources and complex dynamic interactions," according to a recentco-authored by Ben Bernanke, former chair of the U.S. Federal Reserve, and Olivier Blanchard, senior fellow at the Peterson Institute for International Economics.
As the economy reopened after the pandemic, businesses rushed to hire workers and job openings surged to record highs. That demand tilted the job market in favor of workers, who had ample opportunities. They saw wages grow at their fastest pace in decades as employers competed to hire them.Bank of America CEO Brian Moynihan: Inflation is still too high relative to Fed's 2% target
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China: Tesla Increased Both Retail Sales And Exports In May 2023In May, Tesla sales of Made-in-China (MIC) Model 3/Model Y in China and exports from China increased quite noticeably compared to the previous year.
Read more »
The Best Comedies on Max Right Now (May 2023)Paste Magazine is your source for the best music, movies, TV, comedy, videogames, books, comics, craft beer, politics and more. Discover your favorite albums and films.
Read more »
France: Plug-In Car Sales In May 2023 Exceeded 35,000 And 24% ShareIn May, some 35,324 new passenger plug-in electric cars were registered in France (up 33% year-over-year), which represented 24.3% of the market.
Read more »
Soompi’s K-Pop Music Chart 2023, June Week 2Soompi’s K-Pop Music Chart 2023, June Week 2
Read more »
Tony Awards 2023: How to watch Broadway's big night | CNNThe 2023 Tony Awards, which honor theatrical productions and performances, will take place Sunday at the United Palace Theater in New York City.
Read more »
The best beach bags to buy in 2023, according to reviewsThese are some of the top beach bags on the market, including styles from Bogg and Scout.
Read more »