CPI report shows consumer prices decreased slightly in May compared to last year

We are back now with breaking economic news. The May inflation report is out and giving us an updated picture of the economy. It shows the inflation rate is unchanged compared to the month of April and up 3.3% year over year. The new consumer price index arrives as the Federal Reserve is set to announce its decision this afternoon on interest rates. Joining us now to break down the new data are Economic Dream Team NBC News business and data correspondent Brian Chung. We're also joined by Investopedia editor in chief Caleb Silver. Good morning to both of you. Brian, let's start with you. Just break down the latest inflation numbers. Any surprises? I mean, how are they shaping up by category? Yeah, good morning, Joe, Good morning, Savannah. And we're throwing a lot of numbers at you. So let's add a little bit of context. As you mentioned that yearly price change, 3.3%. Again, that's how much prices change between May of this year and May of last year. And the good news, that's a slower pace than the 3.4% we had seen in the April to April period. And this is below what economists had expected. They were projecting based off of a Dow Jones consensus of 3.4%. So they expected that yearly rate to go sideways. So what's inside of this particular number? When we look at the monthly changes again, now we're looking at April of this year compared to May of this year. Food prices in the March to April period, they went sideways. They did go up by 110th of a percent. Yikes, 110th of a percent in May Energy prices, this is what helped in this report. It went down by 2%. But shelter, this is the biggest cost for most Americans. Putting a roof over your head. We're talking about equivalent rent. Shelter going sideways, also going up .4% between April and May. This is going to be a big sticking point for economists that still want to see that 3.3% number. Get a little bit closer to 2%.