US inflation decreases to 4% YoY in May

June 13, 2023 (MLN): The U.S. consumer price index (CPI) for the month of May 2023 clocked in at 4% YoY, compared to 4.9% YoY in April, the latest data issued by the U.S. Bureau of labor statistics on Tuesday showed.

This is below analysts’ expectations of 4.1% in May, indicating a moderation of inflationary pressures.

Notably, CPI in the last year, May 2022 stood at 8.6% YoY, showing that the federal reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.

However, it still remains way above the country's 2% inflation goal.

CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Meanwhile, on a sequential basis, US CPI has increased by 0.1% MoM.

Additionally, the core CPI eased to 5.3% in line with the analysts' expectations, as compared to 5.5% in the last month.

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