Consumer prices in the United States grew modestly last month in view of eased increases in gasoline prices, which could encourage the Fed to go on with interest rate hikes in 2018.
The report on inflation by the Labor Department that came out yesterday showed firm growth of inflation and a tightening jobs market. May’s Index of Consumer Prices added 0.2%, while prices on foodstuffs stayed put.
The increase almost repeated April’s changes. The 12-month period through May recorded a gain of 2.8% in the CPI, the highest since the beginning of 2012, whereas April figure had been 2.5%.