A key inflation measure monitored by the US Federal Reserve showed prices cooling last month, in a sign that the central bank's interest rate increases are easing pressures.
The Price Consumption Expenditures price index increased 3.8 per cent on an annual basis in May, down from 4.3 per cent a month in April.
Core PCE, which excludes food and energy, rose 4.6 per cent on an annual basis, after a 4.7 per cent increase the previous month.
Friday's report comes as policymakers at the Fed consider whether to issue another pause on interest rate increases after doing so earlier this month.
The Fed has raised interest rates 10 times to the range of 5 to 5.25 per cent since March 2022 to bring down the high cost of goods.
Though inflation has fallen since its 9.1 per cent peak last summer, Fed Chair Jerome Powell says it still remains above the central bank's long-term target.
“Inflation pressures continue to run high, and the process of getting inflation back down to 2 per cent has a long way to go,” he said at a banking conference in Madrid on Thursday.
Friday's report comes after a string of strong economic data pointed towards another interest rate increase by the Fed.
A report released by the Commerce Department on Thursday sharply revised US economic growth to 2 per cent in the first quarter, while first-time jobless claims fell the most since October 2021.
Policymakers at the central bank had also suggested they expect to issue two more quarter-point interest rate increases this year after skipping June.
Forecasts released by the Fed earlier this month anticipate that PCE inflation will drop to 3.2 per cent by the end of the year.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
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The view from The National
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
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