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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (27069)	6/16/1999 8:48:00 AM
From: broken_cookie	Respond to of 50167

WASHINGTON (Reuters) - U.S. consumer prices were unchanged in May after a huge gain the month before, the Labor Department said Wednesday, possibly taking some pressure off the Federal Reserve to boost interest rates. The Consumer Price Index, the government's main inflation gauge, was flat for the first time since March 1998. It had jumped 0.7 percent in April -- its biggest increase in more than eight years. In May, the closely watched core CPI, which strips out volatile food and energy costs, showed a tame increase of 0.1 percent in May after climbing 0.4 percent in the prior month. U.S. economists in a Reuters survey had expected rises of 0.2 percent in both the overall and core CPI. Although special factors were at play in the April report such as surges in oil, tobacco and apparel prices, the data had stoked concern in financial markets and within the Federal Reserve. Many investors have been braced for a rate increase when Fed policymakers next meet on June 29-30. The CPI data for May could help soothe some worries that the robust U.S. economy was beginning to push inflation higher. Testimony on Capitol Hill by Fed Chairman Alan Greenspan Thursday at 10 a.m. EDT (1400 GMT) is likely to offer clues on whether he see an urgency to raise rates. dailynews.yahoo.com