CPI comes in at 4.9%, less than expected 5%. Still outpaces Americans’ wages for 25th straight month

This is the 10th consecutive monthly drop in the US inflation rate.

— Genevieve Roch-Decter, CFA (@GRDecter) May 10, 2023

Consumer Price Inflation Slows Modestly, Still Outpaces Americans' Wages For 25th Straight Month t.co/2Z5sYSzC0G

— zerohedge (@zerohedge) May 10, 2023

And there it is: shelter/rent inflation has officially topped out, and in May both series posted a mild dip:

Shelter 8.11% down from 8.18% YoY
Rent 8.80% down from 8.81% YoY

This series is like the titanic – it will now decline for the next 18 months. t.co/fV60POSBBG pic.twitter.com/LuEnTg2QD5

— zerohedge (@zerohedge) May 10, 2023

US CPI has moved down from a peak of 9.1% last June to 4.9% in April.

What's driving that decline? Lower rates of inflation in Fuel Oil, Gasoline, Used Cars, Gas Utilities, Medical Care, Apparel, New Cars, Food at Home, & Electricity.

Rates of inflation in Transportation, Food… pic.twitter.com/ZKsQQEaz0b

— Charlie Bilello (@charliebilello) May 10, 2023