For U.S. residents, the cost of living rose the least in May. Inflation eased as energy costs fell. However, food and beverages, on the other hand, are somewhat expensive.
The US government reported that the average price level was four percent higher than the previous year. This is the weakest rate of inflation since March 2021, but still higher than the US Federal Reserve wants. In April, Americans’ daily living increased by 4.9 percent.
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The Federal Reserve Bank is currently considering raising interest rates. President Jerome Powell will announce the decision on Wednesday.
Core inflation
However, core inflation, excluding volatile fuel and food prices, has not abated. Compared to the previous month, the price of a basket of these products rose by 0.4 percent, more or less equal to April’s level. This indicator is very important to the Federal Reserve’s interest rate policy.
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