US inflation slows to lowest level in 2 years

10/05/2023 Argaam
A shopping cart

A shopping cart


The US annual inflation recorded a lower-than-expected decline signaling an imminent end to interest rate hikes by the Federal Reserve.  

 

The consumer price index (CPI) rose 4.9.% from a year ago, the labor department reported today, May 10.

 

That was down from 5% in March.

 

Core prices, which exclude volatile food and energy items and capture longer-lasting trends, declined from 5.6% in March on an annual basis to 5.5%.

 

Since March 2022, the US central bank has lifted interest rates 10 times to a range of 5-5.25% to curb inflation, which pushed borrowing costs to their highest level in nearly 16 years.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.