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Inflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed.
The trend, if it holds, could move the Federal Reserve closer to cutting its benchmark interest rate from its 23-year peak.
Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2 percent from April to May, the government said Wednesday.
That was down from 0.3 percent the previous month and was the smallest increase since October. Measured from a year earlier, core prices climbed 3.4 percent, below last month’s 3.6 percent rise.
