US CPI picks up in May
The US Labor Department says the consumer price index in May rose 2.4 percent from a year earlier. The rate is up by 0.1 percentage point from April and the first rate rise in four months.
The department said on Wednesday that the core CPI, excluding volatile food and energy, was up 2.8 percent year-on-year. The pace of the rise remained unchanged from the previous month.
By item, housing rose 3.9 percent and food away from home increased 3.8 percent while gasoline plunged 12 percent and apparel edged down 0.9 percent.
Inflation in the US has been on a declining trend. But following the new data, there is a sense of caution about the risk of higher inflation due to the tariff policy of the administration of President Donald Trump.
The speculation is spreading that the Federal Reserve will not cut its key interest rate but keep it unchanged at the policy meeting next week.
Trump called on the Fed to cut the rate in a social media post. He called the latest CPI data "great numbers." And he said: "Fed should lower one full point. Would pay much less interest on debt coming due. So important!!!"
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