Inflation Indicator Stays Low : Consumer Prices Up 0.2% in May As Food...
Consumer prices edged up a slight 0.2 percent in May, as the government issued its third report in a week showing an unexpectedly low inflation rate coupled with surprisingly robust economic growth.</br></br>White House spokesman Larry Speakes said the consumer price report, along with earlier reports on the wholesale prices and the gross national product, ÛÏmakes it the Triple Crown of low inflation.Û</br></br>Speakes said, ÛÏThis monthÛªs economic news shows the economy is creating jobs without creating inflation. Economic growth is strong, but moderating to a sustainable level. The CPI [consumer price index] confirms our course of sustainable growth with low inflation.Û</br></br>The Labor Department reported yesterday that the May,CPI rose 0.2 percent, as food prices recorded their sharpest drop in nearly a year while housing costs rose only modestly. The consumer price index has risen</br></br>The consumer price index for the Washington area also rose 0.2 percent for the two months ended in May, the Labor Department reported. Area prices rose 4.3 percent for the 12 months ended in May. [Details on Page D8.]