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Inflation decelerated more than expected in May, bolstering investor optimism regarding the conclusion of Fed rate hikes.

The U.S. consumer price index (CPI) rose 4% year-on-year in May, down from 4.9% in April, according to figures released by the Bureau of Labor Statistics on Tuesday. The much-awaited inflation report came in slightly below the 4.1% average economist expectation and marks the lowest inflation reading since March 2021. Get the full details now on benzinga.com.

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