Housing costs continued to drive inflation in May even as the annual growth rate reached its slowest pace since March 2021.
Consumer prices rose just 0.1 percent last month and are up 4 percent since last year, according to the consumer price index released by the Labor Department on Tuesday.
But the cost of housing increased by 0.6 percent from April, making it the largest factor in the monthly increase in inflation. Prices are now eight percent higher than they were a year ago on an unadjusted basis.
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