The inflation rate is on the fall after reaching all-time highs in June 2022, topping a 9% year-on-year increase.
According to the most recent data from the United States Bureau of Labour Statistics, inflation in May declined by 0.9 percent to 4.0 percent, beating economists’ predictions of a 4.5 percent rise.
As a result, the inflation rate has reached its lowest level in the last two years. However, this does not suggest that inflation will not continue to rise; rather, it demonstrates that rates are rising at a slower rate than in the preceding year.