The Consumer Price Index experienced a 0.1% increase in May, marking its slowest annual rate increase since March 2021. By comparison, the index rose 0.4% in April and has averaged a 4% increase throughout the past 12 months.
According to data from the Bureau of Labor Statistics released Tuesday morning, the CPI is now 4% higher versus the prior year, marking a material slowdown from the 9.1% increase registered in June 2022. That said, the 4% inflationary rate is still above the Federal Reserve’s 2% target and more interest rate hikes could be implemented to continue working toward that number.
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