After a run of rampant inflation, U.S. consumers may soon be able to breathe a sigh of relief. The U.S. Labor Department reported that prices of goods and services climbed 0.1 percent in May and have increased 4 percent since the same time last year—the smallest year-over-year increase since 2021. A decrease in the price of energy and food staples like eggs helped keep the inflation rate in check last month, CNBC reported, though rising housing costs continued to push it higher. The optimistic report has led traders to bet on the Federal Reserve not raising interest rates in the near future, a strategy the Fed has used to rein in inflationary pressures on the economy.
