Consumer prices rise less than expected in May
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.Low prices will make it easier for the Federal Reserve at its meeting next week to keep a key short-term interest rate near zero, where it has been since December.
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.