2023-06-13 19:09:47
The Consumer Price Index (CPI) of the United States stood at 4% year-on-year in the month of Maywith a moderation of nine tenths compared to April in what represents its smallest advance since March 2021as revealed on Tuesday by the Labor Statistics Office of the country’s Department of Labor.
However, the underlying index, which excludes food and energy prices from its calculation due to their greater volatility, closed in the fifth month of 2023. with an increase of 5.3%, two tenths less than the previous month. For its part, food became more expensive by 6.7% year-on-year, while energy was 11.7% cheaper in May than twelve months ago.
In monthly rates, the general variable of the index experienced an advance of 0.1%which implies a containment of three tenths, while the underlying variable was at 0.4%, without changes from the previous record.
Monetary politics
To cope with rising prices, the Reserva Federal (Fed) raised interest rates by 25 basis pointsuntil placing them on May 3 in a target range of between 5% and 5.25%.
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The next possible revision to this number will be announced on June 14, when Fed officials will meet again and weigh the risks of continuing to tighten following the release of the latest Fed Beige Book. which confirmed that the economy remained stagnant in May, although recruitment and prices cooled.
Regarding GDP, the first economy in the world grew by 0.3% in the first quarter of 2023 compared to the last three months of last year. In this way, the US moderated its growth by half compared to the previous expansion of 0.6%.
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