US President Joe Biden described the inflation data as "good news for hard-working families," noting that more work needs to be done to reduce the cost of living in the country.
US consumer prices recorded a modest increase in May, which led to the lowest annual increase in the inflation rate in more than two years, but underlying inflation pressures remained strong, which reinforces expectations that the Federal Reserve (US Central Bank) will keep interest rates unchanged on Wednesday.
The consumer price index rose 0.1 percent last month as gasoline prices fell. The index had increased 0.4 percent in April. In the 12 months through May, the index rose four percent, the smallest annual increase since March 2021, and followed an increase of 4.9 percent in April.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
