After a string of hot inflation reports to start the year, markets—and consumers—got a reprieve this week. Inflation, as measured by the consumer price index (CPI), was flat month over month and rose just 3.3% from a year ago in May, the Bureau of Labor Statistics reported on Wednesday. That’s compared with economists’ consensus forecast for an 0.1% monthly increase, and a 3.4% annual jump.
“This was unequivocally a good report, a delightful appetizer while we await the main course later on today,” Olu Sonola, Fitch Ratings’ head of U.S. economic research, told Fortune via email, referencing Federal Reserve Chair Jerome Powell’s eagerly anticipated press conference after the Federal Open Market Committee meeting Wednesday afternoon.
