US CPI Inflation Declines For the 3rd Month in May - Forex News by FX Leaders

US CPI Inflation Declines For the 3rd Month in May

Posted Wednesday, June 10, 2020 by
Skerdian Meta • 1 min read

The US inflation report for May was released while ago. Inflation turned negative in March, as the country went into lockdown. Although, the crash in Crude Oil prices also played a part in subduing inflation pressures. Today’s report was expected to show inflation remaining flat, but it declined once again, making this the third month in a row. Below is the inflation report for May and the earnings:

US MAy CPI Inflation Report

  • May CPI YoY+0.1% versus +0.3% expected
  • April CPI YoY was +0.3%
  • Core CPI YoY, ex. food and energy 1.2% versus 1.3% estimated

Details

  • May CPI MoM -0.1% versus 0.0% estimated
  • May core CPI MoM, ex. food and energy -0.1% versus 0.0% estimated
  • Food -0.7%
  • Housing +0.2%
  • Owner’s equivalent rent +0.3%

Earnings Details:

  • Real average hourly earnings year on year rose by 6.5% y/y versus 7.6% in the prior month
  • Real average weekly earnings year on year increase by 7.4% versus 7.0% last month

There wasn’t much market response to the data but 10-year Treasury yields did tick to 0.80% from 0.81% in a sign of low inflation and prospects for the Fed to do more down the road.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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