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Saturday, November 26, 2022
HomeNewsEconomyCPI: Consumer Prices Rise Less Than Expected in May

CPI: Consumer Prices Rise Less Than Expected in May


(Photo: REUTERS)

The Labor Department said Thursday the Consumer Price Index (CPI) found prices at the consumer level rose 0.2% in May, missing the median economist forecast. Prices were expected to increase by 0.3%. The so-called core CPI, which excludes the volatile food and energy components, rose 0.2% higher and matched economists’ expectations.

In the 12 months through May, the CPI gained just 1.0% after rising 1.1% in April.

The Federal Reserve has set a 2% inflation target for inflation regarding interest rate changes and tracks a separate measure that is currently showing 1.6%. The U.S. central bank on Wednesday refused to hike interest rates and left them unchanged. The policy-making committee said it expected inflation to remain below its target through 2017.

Written by
Data Journalism Editor

Rich, the People's Pundit, is the Data Journalism Editor at PPD and Director of the PPD Election Projection Model. He is also the Director of Big Data Poll, and author of "Our Virtuous Republic: The Forgotten Clause in the American Social Contract."

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