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US inflation slows down in May on lower fuel costs

US inflation slows down in May on lower fuel costs

Mubasher: The US consumer price index (CPI) edged up by 0.1% in May, after rising by 0.3% in April, data showed on Wednesday.

The gauge for energy costs dropped by 0.6% last May, as the gasoline prices fell by 0.5%, the US Bureau of Labor Statistics (BLS) said.

The drop was partially offset by a climb in food prices, with their respective index

For the 12 months ended last month, CPI rose by 1.8%.

Excluding volatile commodities like food and energy, the so-called core CPI, edged up by 0.1% last May, for the fourth month in a row, while the index rose by 2% year-on-year.

By 12:41 pm, the US dollar index declined by 0.07% to 96.62.