Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Inflation rises 3.3% in May, less than expected By: FOX Business June 12, 2024 at 08:40 AM EDT The Labor Department on Wednesday released the closely watched May consumer price index report, revealing just how hot inflation was running last month. Inflation cooled more than expected in May, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans.The Labor Department said Wednesday that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, was unchanged in May from the previous month. Prices climbed 3.3% from the same time last year. Both of those figures are lower than the 3.4% headline gain and 0.1% monthly increase forecast by LSEG economists.Another data point that measures underlying inflationary pressures within the economy also moderated last month. So-called core prices, which exclude the more volatile measurements of gasoline and food in order to better assess price growth trends, increased 0.2% in May. From the same time last year, the gauge climbed 3.4% — the lowest reading since 2021.This is a developing story. Please check back for updates. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Inflation rises 3.3% in May, less than expected By: FOX Business June 12, 2024 at 08:40 AM EDT The Labor Department on Wednesday released the closely watched May consumer price index report, revealing just how hot inflation was running last month. Inflation cooled more than expected in May, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans.The Labor Department said Wednesday that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, was unchanged in May from the previous month. Prices climbed 3.3% from the same time last year. Both of those figures are lower than the 3.4% headline gain and 0.1% monthly increase forecast by LSEG economists.Another data point that measures underlying inflationary pressures within the economy also moderated last month. So-called core prices, which exclude the more volatile measurements of gasoline and food in order to better assess price growth trends, increased 0.2% in May. From the same time last year, the gauge climbed 3.4% — the lowest reading since 2021.This is a developing story. Please check back for updates.