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September 01, 2020 1:20pm
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Inflation cools sharply in May to 4%, lowest in 2 years

The Labor Department said the consumer price index showed that inflation cooled last month, but that underlying price pressures remained stubbornly high.

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.

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