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The Consumer Price Index (CPI) was up 1.9% year-over-year in May, versus up 2.2% year-over-year in April. Core CPI(CPI less food <br />and energy) was up just 1.7% year-over-year in May, versus up 1.9% year-over-year in April. The Personal Consumption Expenditures <br />(PCE) index was up 1.4% year-over-year in May, versus up 1.7% year-over-year in April. Core PCE (excluding food and energy) was <br />also up just 1.4% year-over-year in May, versus up 1.5% year-over-year in April. Core CPI is has fallen back below the Fed's 2.0% <br />target, and the Fed's primary inflation gauge (PCE) also remains below the target. <br />Inflation <br />Source: US Department of Labor Source: US Department of Labor <br />-0.5% <br />0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />Consumer Price Index (CPI) <br />CPI YOY % Change <br />Core CPI YOY % Change <br />YOY( %) Change-0.5% <br />0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />Personal Consumption Expenditures (PCE) <br />PCE Price Deflator YOY % Change <br />PCE Core Deflator YOY % Change <br />YOY( %) Change5214