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US consumer prices slow in May

US consumer prices slow in May

Consumer prices in the United States showed a slowdown in May, keeping inflation weak ahead of the Federal Reserve’s meeting next week, Labor Department data showed on Wednesday.

The consumer price index (CPI) saw a 0.1 percent surge in May, following a 0.3 percent increase in April, coming in line with estimates. The year-on-year reading decelerated to 1.8 percent from a previous of 2 percent.  

Core CPI- excluding volatile food and energy prices- showed a 0.1 percent surge, similar to April’s pace, compared to expectations of 0.2 percent, while were 2.0% up year over year from the prior reading of 2.1 percent.

The dollar index, which tracks the green currency’s movements versus a basket of major currencies, traded lower at 96.57, compared to the session’s open at 96.60.

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