Inflation rises slightly to 2.4% in May
The president celebrated the "great" numbers and stated that the time has come for the Fed to lower interest rates.
A supermarket in Glendale, California
The consumer price index (CPI) increased by 0.1% in May, bringing the year-over-year rate to 2.4%.
Figures released by the Bureau of Labor Statistics show a monthly slowdown, with May’s increase at 0.1%, down from April’s 0.2%. Excluding volatile energy and food prices, the CPI has remained steady at 2.8% year-over-year since March, despite analysts expecting a rise.
Breaking it down by category, housing and related costs rose 0.3% in May, which the bureau identified as the primary driver of the overall monthly increase. Food prices also increased by 0.3%, including both groceries and dining out.
The decline in the gasoline price index contributed to a 0.1% month-over-month drop in the overall energy index.
Trump: "FED SHOULD LOWER ONE FULL POINT"
Donald Trump hailed the inflation data as "great numbers!" and once again urged the Federal Reserve to cut interest rates by "one full point."
"[The country] would pay much less interest on debt coming due," he added. "So important!!!".
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