CPI Report: No Change in May Inflation at 3.4% 🥗🌮

The latest Consumer Price Index (CPI) report drops at 8:30 a.m. ET this Wednesday, and here's what you need to know. According to economists surveyed by Factset, inflation held steady at 3.4% year-over-year in May, mirroring April's rate.

What does this mean for you? A 3.4% inflation rate means that, on average, prices for goods and services have increased by 3.4% over the past year. It's a crucial figure because it tells us how much more expensive everyday items like groceries, gas, and housing have become.

Here’s some good news: the monthly inflation pace is projected to slow to just 0.1%, a notable drop from April’s 0.3%. This slowdown means that while prices are still rising, they are doing so at a much slower rate, giving our wallets a bit of a breather.

And for those looking at the bigger picture, Core CPI—which leaves out the more volatile prices of food and energy—is expected to dip slightly to 3.5% from April’s 3.6%. This slight decrease suggests that the underlying inflation trend might be stabilizing, which is a positive sign for the economy.

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