Inflation Falls to Lowest Level in Two Years

“An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs,” the AP reports.

“At the same time, consumers barely increased their spending last month, boosting it just 0.1%, after a solid 0.6% gain in April.”

“The inflation index showed that prices rose 3.8% in May from 12 months earlier, down sharply from a 4.4% year-over-year surge in April. And from April to May, prices ticked up just 0.1%.”