A closely-watched report on US inflation showed consumer price increases cooled during the month of May, according to the latest data from the Bureau of Labor Statistics released Wednesday morning. The Consumer Price Index (CPI) remained flat over the previous month and rose 3.3% over the prior year in May — a deceleration from April’s 0.3% month-over-month increase and 3.4% annual gain in prices. Both measures came in lower than economist expectations. It was the lowest monthly headline reading since July 2022. A decline in energy prices, led by a drop in gas prices, contributed to further downward pressure on headline CPI. …”The CPI release for May is very good news for the Federal Reserve and it is going to be even better news for the PCE price index, which will be released at the end of the month,” Raymond James’ Chief Economist Eugenio Aleman said.