Miami, FL, USA - May 26, 2024

US inflation eased last month in a hopeful sign that the spike in prices that occurred earlier this year may have passed. The trend, if sustained, could bring the Federal Reserve closer to cutting its benchmark interest rate from a 23-year high. Consumer prices, excluding volatile food and energy costs (the closely watched "core" index), rose 0.2 per cent from April to May, the government said on Wednesday. That was down from 0.3 per cent the previous month and was the smallest increase since October. Compared with a year earlier, underlying prices rose 3.4 per cent, down from last month's 3.6 per cent increase.
Federal Reserve officials are scrutinising each month's inflation data to assess their progress in their fight against rising prices. Even as overall inflation moderates, staples such as food, rent and medical care are far more expensive than they were three years ago, a continuing source of public discontent and a political threat to President Joe Biden's re-election bid. Most other measures suggest that the economy is healthy: unemployment remains low, hiring is strong, and consumers are travelling, eating out and spending on entertainment.

SHOTLIST:
1. Several markets in Miami (May 26, 2024);
2. Several gas stations in Texas (Mar 7, 2024).