US inflation slows to lowest level in 2 years

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The US annual inflation recorded a lower-than-expected decline signaling an imminent end to interest rate hikes by the Federal Reserve.  

The consumer price index (CPI) rose 4.9.% from a year ago, the labor department reported today, May 10.

That was down from 5% in March.

Core prices, which exclude volatile food and energy items and capture longer-lasting trends, declined from 5.6% in March on an annual basis to 5.5%.

Since March 2022, the US central bank has lifted interest rates 10 times to a range of 5-5.25% to curb inflation, which pushed borrowing costs to their highest level in nearly 16 years.