US annual Core PCE inflation falls to 4.7% in May as expected

Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, stayed unchanged at 6.3% on a yearly basis in May, the US Bureau of Economic Analysis announced on Thursday.

The Core PCE Price Index, the Federal Reserve’s preferred gauge of inflation, declined to 4.7% in the same period from 4.9% in April. This print came in line with the market expectation.