USA: An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years
WASHINGTON (AP) — 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.
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%.