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United States Inflation May 2023

United States: Inflation drops to lowest level since March 2021 in May

Inflation eased to 4.0% in May from April’s 4.9%. May’s result represented the weakest inflation rate since March 2021. The softer rise was primarily driven by slower rises in prices for housing and food, and a contraction in transport prices. Consumer prices rose 0.12% from the previous month in May, coming in below April’s 0.37% rise. Both the year-on-year and month-on-month readings were slightly below market expectations.

Accordingly, the trend pointed down, with annual average inflation coming in at 6.8% in May (April: 7.2%). Meanwhile, core inflation fell to 5.3% in May, from April’s 5.5%.

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