U.S. inflation declined last month as higher food prices were offset by lower gasoline, clothing, and transportation costs, a government report showed Tuesday, May 12. Consumer spending sank, for the most part, as efforts to slow the COVID-19 pandemic shattered the demand for many goods and services.
When compared against a month and year earlier, prices for food surged while they sank for energy. Stripping food and energy, core prices logged their biggest monthly decline on record in April. Continue reading Core Inflation Drops by Most on Record in April; Consumer Prices Mark Biggest Decrease Since 2008