• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Inflation Cools to 2-Year Low in May

Inflation Cools to 2-Year Low in May

June 13, 2023
1 Dead in Fertility Clinic Explosion

1 Dead in Fertility Clinic Explosion

May 17, 2025
LARRY PROVOST: Reopening Alcatraz Is A Brilliant Idea

LARRY PROVOST: Reopening Alcatraz Is A Brilliant Idea

May 17, 2025
Newsom Looks To Extend Carbon Cap Policy, Fund Rail Boondoggle As Possible Gas Crisis Looms

Newsom Looks To Extend Carbon Cap Policy, Fund Rail Boondoggle As Possible Gas Crisis Looms

May 17, 2025
ELLIOT RESNICK: How Israel Can Win

ELLIOT RESNICK: How Israel Can Win

May 17, 2025
DAVID BLACKMON: Why A Major Gas Pipeline Through New York Could Soon Be A Reality

DAVID BLACKMON: Why A Major Gas Pipeline Through New York Could Soon Be A Reality

May 17, 2025
AG Racks Up 23 Lawsuits Against Trump Admin While State Struggles To Curb BLM-Era Crime Spike

AG Racks Up 23 Lawsuits Against Trump Admin While State Struggles To Curb BLM-Era Crime Spike

May 17, 2025
Statue of Melania Trump Stolen in Slovenia

Statue of Melania Trump Stolen in Slovenia

May 17, 2025
‘Be Unhappy’: Shut Out Of One Job, Ed Martin Urges Americans To Keep Pushing Trump Admin To Release Docs

‘Be Unhappy’: Shut Out Of One Job, Ed Martin Urges Americans To Keep Pushing Trump Admin To Release Docs

May 17, 2025
Trump Continues Rift With Swift: ‘I Hate Taylor Swift’

Trump Continues Rift With Swift: ‘I Hate Taylor Swift’

May 16, 2025
Trump Delivers Special Birthday Wishes as Ohio Vet Turns 104

Trump Delivers Special Birthday Wishes as Ohio Vet Turns 104

May 16, 2025
GOP Senator Really Doesn’t Want To Take ‘Big Hammer’ To Biden’s Massive Climate Bill

GOP Senator Really Doesn’t Want To Take ‘Big Hammer’ To Biden’s Massive Climate Bill

May 16, 2025
Major Credit Rating Firm Downgrades US As Country Drowns In Debt

Major Credit Rating Firm Downgrades US As Country Drowns In Debt

May 16, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Sunday, May 18, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Inflation Cools to 2-Year Low in May

by Bradley Cortright
June 13, 2023 at 10:47 am
in News
235 17
0
Inflation Cools to 2-Year Low in May

NEW YORK, NEW YORK - JUNE 12: People shop at Lincoln Market on June 12, 2023 in the Prospect Lefferts Gardens neighborhood in the Brooklyn borough of New York City. The Labor Department is expected to release the Consumer Price Index report for the month of May that shows inflation slowing down across all categories, with food and energy costs remaining above the Federal Reserve’s target as they kick off a two-day meeting. The meeting will culminate with a press conference by U.S. Federal Reserve Bank Chairman Jerome Powell making an announcement on interest rates. (Photo by Michael M. Santiago/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The pace of inflation continued to slow in May to the lowest point in more than two years.

On Tuesday, the latest consumer price index data (CPI), a measure of the price of goods and services, showed inflation rose 4% in May compared to the previous year.

That marked the lowest annual rate of inflation since Mar. 2021. And it was more than half of the peak of 9.1% in June 2022.

However, CBNC noted when energy and food prices were removed, “the picture wasn’t as optimistic.”

It pointed out, “So-called core inflation rose 0.4% on the month and was still up 5.3% from a year ago, indicating that while price pressures have eased somewhat, consumers are still under fire.”

Heather Long, an economic columnist for The Washington Post, tweeted that rent and shelter costs, restaurants, and used cars and trucks, were the main drivers of inflation.

Meanwhile, the cost of eggs, utilities, and gas has fallen.

What's driving inflation now?

1) Rent/shelter costs
2) Used cars and trucks
3) Restaurants
4) Car insurance & repair

Gas, utilities and egg prices have really cooled off. pic.twitter.com/Je5p2M2X5P

— Heather Long (@byHeatherLong) June 13, 2023

The Wall Street Journal noted, “Federal Reserve officials are meeting June 13-14 to decide their next steps to cool inflation, which they would like to see at 2%.”

“They could hold interest rates steady at the meeting, while preparing to increase rates again in the summer or the fall if they don’t think enough progress has been made on inflation,” it added.

In a statement, President Joe Biden reacted to the inflation news as he said, “Today’s report is good news for hard working families. It shows continued progress tackling inflation at the same time that unemployment remains at historic lows.”

“Annual inflation is now at the lowest level since March 2021, and less than half of what it was last June. After gas and grocery prices increased rapidly last year due to the war in Ukraine, inflation has fallen for 11 months in a row,” he continued.

He went on to tout his accomplishments in office.

Finally, Biden said, “We are just getting started. My Investing in America agenda is rebuilding our infrastructure, manufacturing, and supply chains here at home, and creating good-paying jobs. Under my administration, private sector companies have invested over $470 billion in manufacturing, and America is seizing leadership in the industries that will be critical to our economic security for decades, like semiconductors and clean energy.”

“I’ve never been more optimistic that our best days are ahead of us,” he added.

Tags: InflationJoe Bidenpolitics
Do you think inflation will continue to decrease?

Completing this poll entitles you to our news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use.
Yes: 17% (1 Votes)
No: 83% (5 Votes)
Share196Tweet123
Bradley Cortright

Bradley Cortright

IJR, Senior Writer He's written for Independent Journal Review since 2019.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th