Biden: Inflation Data is "Good News" But...

U.S. President Joe Biden described inflation data today, Tuesday, as "good news for hardworking families," and stated that more work needs to be done to reduce the cost of living in the country, according to a statement from the White House. American consumer prices recorded a modest increase in May, leading to the lowest annual inflation rate in over two years; however, core inflation pressures remained strong, reinforcing expectations that the Federal Reserve will keep interest rates unchanged tomorrow, Wednesday. The Labor Department reported today that the Consumer Price Index rose by 0.1 percent last month as gasoline prices fell, after a 0.4 percent increase in April.