AP Photo/Matt Rourke
The Department of Labor will release its monthly consumer price index (CPI) at 8:30 a.m. ET.
Economists forecast that the gauge of consumer-price changes was flat in May amid low gas prices, and up 2% year-on-year, according to Bloomberg. Excluding volatile food and energy costs, so-called core CPI is forecast to rise 0.2% from April, and 2% from May 2016.
This data comes ahead of the end of the Fed’s two-day meeting, after which it’s expected to announce a hike in interest rates. Interest-rate doves, who would rather delay further rate increases, would note that the Fed’s preferred gauge of inflation — personal consumption expenditures — has not reached its 2% target.
Fed officials, however, are likely to view soft inflation as being transitory, and point to the labor market’s gains.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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