Biden corruption allegation - Inflation eases - Olympic medalist’s death

Source: Bloomberg

1. Summary
   The consumer price index, an overall measure of inflation, increased 4% in May relative to last year, the lowest it has been in two years. The figure is a notable decline from April, when year over year inflation was 4.9%. The Federal Reserve is set to meet Wednesday and is expected to announce a temporary pause to interest rate hikes because of the falling CPI.
   
   The slowdown was driven by rapidly falling gasoline and electricity prices. Food prices increased slightly. Federal estimates showed that core CPI, which excludes food and energy prices because of their volatility, has not declined much since last fall. The cost of housing, used vehicles, and car insurance all increased notably in May.
   
   Morning Consult economist John Leer told CNBC that despite the core CPI data, "The headline number is a positive thing. People spend a lot of money on energy and [food]." But economist Robert Frick told Fox Business that the data shows elevated costs for "the top two necessities that take outsized chunks from those with lower incomes," food and shelter.

   Highly-rated - last 48 hrs
   Here’s the inflation breakdown for May 2023.
   CNBC (Moderate Left) • Factual Grade 73% • 4 min read
   

1. Different political viewpoint
   Rent, food prices remain uncomfortably high in May.
   Fox Business (Moderate Right) • Factual Grade 65% • 4 min read

1. Selected long-read
   Is high inflation the new normal?
   Vox (Left) • Factual Grade 70% • 12 min read

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