US consumer price growth slowed last month as inflation shows signs of steady decline

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year’s steady easing of inflation. At the same time, some measures of underlying price pressures remained high. Measured year over year, inflation slowed to just 4% in May — the lowest 12-month figure in over two years and well below April’s 4.9% annual rise. The pullback was driven by tumbling gas prices, a much smaller rise in grocery prices and less expensive furniture, air fares and appliances. The inflation figures arrived one day before the Federal Reserve is expected to leave interest rates alone after imposing 10 straight rate hikes dating back to March 2022.