The newest CPI report shows inflation continuing to slow, which is good. But the implications are more complicated and even a Federal Reserve rate hike stop won't keep actual short-term interest rates from continuing to climb.
The Consumer Price Index for All Urban Consumers (CPI-U) was up 0.1% from April to May on a seasonally adjusted basis. That is significantly less than the 0.4% increase between March and April. On a non-seasonally adjusted basis, that is just over 4% year-over-year, the lowest annual jump since the 2.6% of March 2021.
So far, so good. Further into the details, though, is where things get hazier.
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