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July 22, 2024 3:38 am

National News

Inflation Continues to Improve, Beats Expectations 

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Inflation is continuing to improve, bringing welcome relief to consumers across the country. According to the May Consumer Price Index (CPI) from the Bureau of Labor Statistics, consumer prices held flat in May, beating expectations of a 0.1% gain. 

Annual growth also slowed and was 3.3% year-over-year, again beating analysts expectations of 3.4% year-over-year gains. When excluding things like food and energy prices which are more volatile, core CPI increased beat analysts expectations by 0.1% on the month and year.  

The news was followed by the Federal Reserve announcing that they would be holding interest rates flat, a continuation of the policy since last July, though the Reserve did announce that they expected to be able to lower interest rates later this year. 

On the heels of the good inflation report and last week’s job’s report, the Nasdaq and S&P 500 grew to record highs.