US Annual Inflation Rate Slows; Shelter Costs Remain Elevated

The latest inflation reading comes ahead of a critical Federal Reserve policy meeting.

A woman shops in an Aldi supermarket in Albany, Western Australia, on Feb. 1, 2024. Susan Mortimer/The Epoch Times

The U.S. annual inflation rate slowed in May, defying economists’ expectations and providing Federal Reserve policymakers hope that progress on inflation has been revived.

Last month, the consumer price index eased to 3.3 percent, from 3.4 percent in April. This was slightly below the market forecast of 3.4 percent but represented the 38th consecutive month of inflation above 3 percent.