Inflation broadly held steady in May — and by some measures cooled unexpectedly — as price growth data showed few signs of President Donald Trump’s tariffs hitting the consumer economy

Treasury Secretary Scott Bessent credited President Donald Trump's policies for recent progress in reducing inflation on Wednesday in his prepared testimony to the House Ways & Means Committee.

US inflation rose in line with forecasts in May, although so-called “core inflation” came in lower than expected as the effects of President Trump’s tariffs still have yet to significantly boost consumer prices.

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Consumer prices increased 2.4% in May compared with a year ago, according to a Labor Department report released Wednesday.

Treasury Secretary Scott Bessent credited President Donald Trump’s policies for a slowdown in US inflation, and said he had challenged a “decades-old status quo” on trade.“Inflation in the US is at its slowest pace since 2021 on decelerating cost increases for shelter,

The president gave an optimistic speech promising to bring down inflation, as potential buyers are hoping it will bring mortgage relief.

Price increases have cooled off so far this year, but Goldman Sachs economists believe the good news could be coming to an end, mostly because of the Trump administration’s new tariffs. The investment bank’s economists expect to see core inflation,