US consumer inflation eased slightly last month, according to US government data published Wednesday, a positive sign for President Joe Biden ahead of November's election.
US inflation eased slightly last month, although the index for gasoline prices rose sharply. Photo: Brandon Bell / GETTY IMAGES NORTH AMERICA/Getty Images via AFP/FileThe data supports the Biden administration's messaging that the US economy has turned a corner, as it looks to quell consumers' concerns about the impact of rising prices going into the likely rematch against former president
This was in line with the median forecast of economists surveyed by Dow Jones Newswires and The Wall Street Journal."Overall, price pressures remain elevated but are moving in the right direction," High Frequency Economics chief US economist Rubeela Farooqi wrote in a note to clients.
It marks the first month of slowing annual data since January, although both the annual and monthly figures remain too high -- with some indexes actually increasing. "Combined, these two indexes contributed over seventy percent of the monthly increase in the index for all items," it added.and energy prices also eased last month, rising at an annual rate of 3.6 percent, down from 3.8 percent in March.
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