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Prices continued to rise in May, but inflation showed slight cooling

The price of goods and services grew 0.5% in May, slightly slower than the expected 0.6%, according to the core personal consumption expenditures (PCE) price index released Friday morning.

Why it matters: May's monthly reading shows a deceleration in the Fed's preferred measurement for inflation, from 0.7% in April. This follows the directional trend of the latest consumer price index, which slowed from 0.8% to 0.6% from April to May.

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