Headline RoundupJune 12th, 2024

Inflation Was 3.3% Annually in May

Summary from the AllSides News Team

The consumer price index (CPI) rose 3.3% annually in May, slightly less than the 3.4% economists expected.

The Details: On a monthly basis, the CPI was unchanged from April after rising 0.3% the month before. Annually, core prices that exclude volatile food and energy items rose 3.4% from a year earlier, below the expected 3.5% jump. The cost of transportation services (up 10.5%), electricity (5.9%), shelter (5.4%), and food away from home (4%) rose the most over the past year of all items in the CPI.

For Context: The data is expected to play into the Federal Reserve's decision on whether to raise the benchmark interest rate Wednesday afternoon.

How the Media Covered It: CNN Business (Lean Left bias) said inflation slowed "much more than expected in May," while the Wall Street Journal (Center) said it was "slightly lower than expected."

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