Inflation cools to 4% but remains twice target rate

The inflation rate is down slightly but is still two times higher than the Federal Reserve's ideal rate of 2%, according to Tuesday's Consumer Price Index Report, which showed that the prices of U.S. goods and services showed an increase in May of 4% compared to what it was a year ago at this time. 

The inflation rate has slowed down for the past 11 months since the four-decade high of 9.1% in June 2022.

The CPI, which measures inflation by tracking how much consumers pay over time, was at 4.9% in April.

As inflation is slowing down, Federal Reserve policymakers on Wednesday are expected to pause raising interest rates after making 10 consecutive increases.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.