The new numbers come ahead of the Federal Reserve meeting this week on interest rates after imposing 10 straight interest rate hikes dating back to March 2022.
The Consumer Price Index, which measures costs of goods and services, increased 0.1% in May. Gasoline prices fell 5.6% in May and rent prices were essentially flat with a 0.5% increase. One of the economic issues that occurred during the pandemic is that people accumulated excess money from not traveling and with government assistance, thus causing inflation, Gardner explained.
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