$BTC $ETH $SOL ##Breaking: US #CPI inflation declines to 3.3% in May vs. 3.4% expected

Inflation in the US, as measured by the change in the Consumer Price Index (CPI), declined to 3.3% on a yearly basis in May from 3.4% in April, the US Bureau of Labor Statistics (BLS) reported on Wednesday. This reading came in below the market expectation of 3.4%.

• The US Consumer Price Index is forecast to rise 3.4% YoY in May, at the same pace as in April.

• Annual core CPI inflation is expected to inch lower from 3.6% in April to 3.5% in May.

• The inflation data could impact the US Dollar value and the September rate cut expectations.

The Bureau of Labor Statistics (BLS) will publish the highly anticipated Consumer Price Index (CPI) inflation data from the United States (US) for May on Wednesday at 12:30 GMT.

The US Dollar braces for intense volatility, as any surprises from the US inflation report could significantly impact the market’s pricing of the Federal Reserve (Fed) interest rate cut expectations in September

What to expect in the next CPI data report?

Inflation in the US, as measured by the CPI, is expected to increase at an annual rate of 3.4% in May, at the same pace seen in April. The core CPI inflation, which excludes volatile food and energy prices, is seen at 3.5% in the same period,  a tad lower than the 3.6% figure recorded in April.

Meanwhile, the US CPI is set to rise 0.1% Mo in May, compared to a 0.3% growth in April. The core CPI inflation is likely to hold steady at 0.3% over the month in May.

Just a day before the April CPI data release, Federal Reserve Chairman Jerome Powell spoke at a moderated discussion at the Foreign Bankers' Association's Annual General Meeting in Amsterdam. Powell shifted to a dovish stance on the interest rates outlook, noting that "confidence in inflation moving back down is lower than it was. My confidence on that My confidence on that is not as high as it was before.

Powell added: "Don't think it's likely that the next move would be a rate hike, more likely that we would hold policy rate where i