{"id":22164,"date":"2023-06-13T17:04:02","date_gmt":"2023-06-13T21:04:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/inflation-fell-to-4-in-may-lowest-reading-in-more-than-two-years\/"},"modified":"2023-06-13T17:04:03","modified_gmt":"2023-06-13T21:04:03","slug":"inflation-fell-to-4-in-may-lowest-reading-in-more-than-two-years","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22164","title":{"rendered":"Inflation Fell To 4% In May\u2014Lowest Reading In More Than Two Years"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Inflation eased last month to a multiyear low, a possible cause for optimism ahead of a crucial Federal Reserve meeting on interest rates.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Consumer prices rose 4% in May year over year, the Labor Department said Tuesday, coming in slightly below consensus economist estimates of 4.1%.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>That\u2019s the lowest inflation rate since March 2021, when prices rose at 2.6% on an annual basis.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Still, inflation remains far above the Fed\u2019s 2% goal, and the consumer price index is up 19% compared to May 2020.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Rent prices were the largest contributor to overall inflation, followed by an increase in the prices for used vehicles, the government said; meanwhile, airline fares and household goods were among the categories that dropped in price.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Core inflation, which excludes historically volatile food and energy prices, rose 0.4% last month, in line with expectations of 0.4%.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Stocks gained slightly in early Tuesday trading, holding recent gains as the S&amp;P 500 hovers at a 14-month high.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The U.S. is amidst its most persistent stretch of inflation in nearly four decades due to pandemic-era supply chain snarls, Russia\u2019s invasion of Ukraine\u2019s impact on energy and commodity prices and soaring rent prices, among other factors. Inflation peaked at 9.1% a year ago, though the Federal Reserve\u2019s dramatic interest rate bumps have slowed runaway prices.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>Whether the Fed\u2019s Open Market Committee will raise interest rates following the conclusion of its two-day meeting Wednesday. The futures market prices roughly a 96% chance the Fed will keep rates flat at 5% to 5.25%, according to CME Group\u2019s FedWatch Tool, down from 78% before the CPI release. That would be the first time the Fed forgoes a rate hike since last January, when the federal funds rate sat at 0% to 0.25%\u2014 and inflation ran at 7.5%.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Inflation Unexpectedly Ticks Down\u2014But Prices Still Rose 4.9% In April (<em>Forbes<\/em>)<\/p>\n<p>Federal Reserve Officials Divided Over Future Interest Rate Hikes, Minutes Show (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/06\/13\/inflation-fell-to-4-in-may-lowest-reading-in-more-than-two-years\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Inflation eased last month to a multiyear low, a possible cause for optimism ahead of a crucial Federal Reserve meeting on interest rates. Key Facts Consumer prices rose 4% in May year over year, the Labor Department said Tuesday, coming in slightly below consensus economist estimates of 4.1%. That\u2019s the lowest inflation rate since [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-22164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation Fell To 4% In May\u2014Lowest Reading In More Than Two Years | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Inflation eased last month to a multiyear low, a possible cause for optimism ahead of a crucial Federal Reserve meeting on interest rates. 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