May WPI inflation hits over 7-year low of (-) 3.48% on declining fuel, manufactured items prices

Inflation Cooling , While Consumer Prices , Remain High. In May, consumer price growth fell to the lowest level since March of 2021, according to Bureau of Labor Statistics. . NBC reports that data would seem to suggest that inflation may finally be starting to come down in a meaningful way. NBC reports that data would seem to suggest that inflation may finally be starting to come down in a meaningful way. Price growth fell to 4% on an annual basis, while month-over-month saw price growth climb by 0.1%. Economists had forecast just 4.1% growth. . The price of services saw a notable decline in growth, as did medical services and air travel. The price of services saw a notable decline in growth, as did medical services and air travel. The price of services saw a notable decline in growth, as did medical services and air travel. According to NBC, this is a key category watched closely by the Federal Reserve. Year over year, the "core" services category dropped from 5.1% to 4.6%, excluding the cost of housing. . Year over year, the "core" services category dropped from 5.1% to 4.6%, excluding the cost of housing. . However, food price growth continues to accelerate faster than other categories, rising by 6.7% year over year. However, food price growth continues to accelerate faster than other categories, rising by 6.7% year over year. The cost of at-home food increased by 5.8%, while eating out got 8.3% more expensive. The cost of at-home food increased by 5.8%, while eating out got 8.3% more expensive. On June 14, the Federal Reserve is due to announce its latest interest rate policy following ten consecutive rate hikes since March of 2022. . On June 14, the Federal Reserve is due to announce its latest interest rate policy following ten consecutive rate hikes since March of 2022.