Consumer prices rise less than expected in May
AP Economics Writer= WASHINGTON â€'' Consumer prices rose less than expected in May and posted the steepest annual drop in 59 years, according to government data released Wednesday, fresh evidence that the recession is keeping inflation in check.
Consumer prices grew by 0.7% y/y in January, below market expectations for 1% y/y increase, and slowing down from 1% y/y increase in December, data of the statistical office shows.