Key inflation data came in below expectations last week, helping the Federal Reserve move towards their goal of lower inflation.
The headline Consumer Price Indec (CPI) came in at an annualized rate of 3.3%, below economists’ estimates of 3.4%. Core CPI, which excludes food and energy prices, also came in below expectations with a reading of 3.4%, its lowest level in 3 years. The Producer Price Index (PPI) also came in below expectations with a decline of 0.2% for the month of May.
The annual PPI rate came in with a gain of 2.2%