Research Brief: Inflation – May 2024

Key CPI measures resume descent. Annual growth in the headline and core consumer price indices — the latter of which omits food and energy — lowered to 3.4 and 3.6 percent in April, respectively. While bumpy inflation over the last few months curbed Wall Street  expectations for near-term overnight lending rate cuts by the Federal Reserve, April’s cooler readings suggest the Fed is still making meaningful progress in bringing pricing pressures down. Further stripping out housing expenses from core CPI, inflation was only…

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