Inflation rose just 0.1% in May, beating expectations.
Transcript:
Caroline Woods: Okay – so there’s good news and bad news. The bad news is that inflation continues to rise, the good news is it also continues to moderate. Inflation rose less than expected in May, despite higher tariffs amid the ongoing trade war.
The latest CPI report released by the Bureau of Labor Statistics showed consumer prices rose 0.1% last month – less than the 0.2% that was anticipated. The annual inflation rate rose to 2.4%, up from April’s four-year low of 2.3%.
The BLS says the main reasons for the overall increase were food and shelter, with both rising by a third of a percent. Eggs prices actually dropped 2.7% but are still 42% more expensive than they were a year ago.
Meanwhile, energy prices dipped by 1% and the price of gas fell by 2.6% – giving it a 12% year-over-year decrease. Vehicle and apparel prices are saw a decrease in May.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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