The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose just 0.1% in May from the previous month, far lower than the 0.4% increase recorded in April. 

Prices climbed 4% on an annual basis, slightly below the 4.1% increase forecast by Refinitiv economists.

It marked the slowest pace of inflation since March 2021. 

Although inflation has cooled from a peak of 9.1%, it remains about more than double the pre-pandemic average and well above the Fed's 2% target rate.