Rising gasoline offset a 4.9% tumble in natural gas prices as well as the second straight monthly decline in the cost of electricity.
The annual CPI peaked at 9.1% last June, which was the biggest increase since November 1981, and is subsiding as last year's initial surge in energy prices following Russia's invasion of Ukraine drops out of the calculation. U.S. stocks opened higher. The dollar fell against a basket of currencies. U.S. Treasury prices rose., which showed an acceleration in job and wage growth in April as well as the unemployment rate falling back to a 53-year low of 3.4%. It is one of two inflation reports that U.S. central bank officials will have in hand at their June 13-14 policy meeting.interest rate by another 25 basis points to the 5.00%-5.
Owners' equivalent rent , a measure of the amount homeowners would pay to rent or would earn from renting their property, rose 0.5% for a second straight month. Though rents continued to put upward pressure on the core CPI, rental inflation is poised to ease.