Consumer prices held steady in May, helped by a drop in what drivers paid at the gas pump, the government said Wednesday in a bit of welcome news for the White House worried about inflation’s impact on President Joe Biden’s reelection bid.
The consumer price index, 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.
Inflation has slowed sharply from the recent peak in 2022, but high prices have meant voters still see an otherwise robust economy negatively, according to a poll by The Economist/YouGov.
