Two Cheers (and a Warning) for May’s Inflation Slowdown
Disinflation is no longer a blip, but a trend. The Bureau of Labor Statistics reported that the Consumer Price Index (CPI) increased 0.1 percent in May, down from 0.2 percent in April. The annual rate of change of 2.4 percent was almost identical to April’s and slightly lower than March’s. Core inflation, which excludes volatile…