US CONSUMER PRICES UNCHANGED IN MAY

U.S. consumer prices were unexpectedly unchanged in May as cheaper gasoline and other goods offset higher costs for rental housing, but inflation likely remains too high for the Federal Reserve to start cutting interest rates before September.

The Labor Department also showed underlying inflation pressures abated significantly last month, with the cost of motor vehicle insurance declining on a monthly basis for the first time since the fourth quarter of 2021.

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