, the most high-profile measure of inflation, was unchanged from April to May, the Bureau of Labor Statistics said, a pause that brought the CPI’s growth over the last year down to a 3.3% rate. The flat reading in May was the best monthly showing since July 2022.
“Joe Biden inherited an economy on the brink from Donald Trump and is now leading the great American comeback. Under his leadership, wages are rising, inflation is being reined in, and America’s economy is the strongest in the world,” said James Singer, a spokesperson for Biden-Harris 2024. Jason Furman, who headed the White House’s Council of Economic Advisers in the Barack Obama administration, called the report “a pleasant surprise” in
But the agency said that decline was more than offset by a 0.4% increase in household shelter costs, which make up a larger portion of household spending.