![]() Airline fares also have been in retreat, declining 13.4% year over year. Shelter prices have risen 8% and transportation services are up 10.2%. Gasoline prices have fallen 19.7% over the past year, Tuesday's BLS report showed.įood prices, however, were still up 6.7% from a year ago, though eggs fell 13.8% in May and are now slightly negative on a 12-month basis after surging in previous months. Ultimately, prices at the pump would exceed $5 a gallon, which had never happened before in the U.S. The year-over-year discrepancy between the two measures stems from gas prices that were surging at this time in 2022. Get the latest news and follow the coverage of breaking news events, local news, weird news, national and global politics, and more from the worlds top trusted media outlets. The all-items index usually runs ahead of the ex-food and energy measure, but that hasn't been the case lately. The consumer price index report featured a growing discrepancy between the core and headline numbers. On an annual basis, real earnings are up 0.2% after running negative for much of the inflation surge that began about two years ago. Black Caps history-maker not offered NZ Cricket contract Tied to a chair and stabbed to death: Ex meth boss to testify at murder. Average hourly earnings adjusted for inflation rose 0.3% on the month, the Bureau of Labor Statistics said in a separate release. The tame CPI reading was good news for workers. "The encouraging trend in consumer prices will provide the Fed some leeway to keep rates unchanged this month and if the trend continues, the Fed will not likely hike for the rest of the year," said Jeffrey Roach, chief economist at LPL Financial. Stay informed and read the latest news today from The Associated Press, the definitive source for independent journalism from every corner of the globe. Pricing did shift notably in the fed funds market, with traders pricing in a 93% chance the Fed will not raise benchmark rates when its meeting concludes Wednesday. Stock market futures were slightly positive, though Treasury yields fell sharply. Markets showed little reaction to the release, despite its expected prominence in the decision the Federal Reserve will make at this week's meeting regarding interest rates. Personal Loans for 670 Credit Score or LowerĮlsewhere, used vehicle prices increased 4.4%, the same as in April, while transportation services were up 0.8%. ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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