US consumer price growth slowed last month, though underlying inflation measures stayed high

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year’s steady easing of inflation. At the same time, some measures of underlying price pressures remained high. Measured year over year, inflation slowed to just 4% in May — the lowest 12-month figure in over two years and well below April’s 4.9% annual rise. The pullback was driven by tumbling gas prices, smaller increases in grocery prices, and other items. The drop-off in overall inflation isn’t likely to convince the Federal Reserve’s policymakers that they’re close to curbing the high inflation that has gripped the nation for two years.