The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose just 0.1% in May from the previous month, far lower than the 0.4% increase recorded in April.&nbsp;

Prices climbed 4% on an annual basis, slightly below the 4.1% increase forecast by Refinitiv economists.

It marked the slowest pace of inflation since March 2021.&nbsp;

Although inflation has cooled from a peak of 9.1%, it remains about more than double the pre-pandemic average and well above the Fed's 2% target rate.

The Labor Department said the consumer price index showed that inflation cooled last month, but that underlying price pressures remained stubbornly high.{ai:summary}<p>In May, US inflation rose just 0.1%, the slowest pace since March. Although it has cooled from its peak, it remains more than double pre-pandemic levels and above the Fed's target rate. #economy</p>

Inflation cools sharply in May to 4%, lowest in 2 years

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