WASHINGTON, June 13 — Consumer inflation in the United States cooled for an 11th straight month in May, the Labor Department said today, in an encouraging sign for policymakers seeking to rein in price increases.
The consumer price index (CPI), a key gauge of inflation, jumped 4.0 per cent from a year ago, in line with analyst expectations and down from a 4.9 per cent rise in April.
The data comes as Federal Reserve officials are set to begin a two-day policy meeting today, with the figures expected to have a bearing on their interest rate decision at the end of the gathering.
While the US central bank has embarked on an aggressive campaign of rate hikes, lifting the benchmark lending rate 10 times in a row since early last year, it is widely anticipated to pause this week.
But analysts caution that Fed policymakers are likely looking for a more sustained trend of cooling growth before they end their cycle of rate hikes.
On a monthly basis, the CPI rose 0.1 per cent in May, decelerating from 0.4 per cent in April, the Labor Department said.
Excluding the volatile food and energy components, consumer inflation was up 5.3 per cent over the last 12 months. — AFP
