In the US, prices for furniture, gasoline, and eggs all decreased in May, assisting in bringing inflation to a level that is less than half that of a year ago.
The Labor Department reported that the rate of price growth over the past year to the end of May was 4%.
That represented the eleventh consecutive month in which price increases have moderated, down from 4.9 percent in April.
The update comes as the US central bank gathers to discuss whether additional measures are necessary to combat inflation.
Since last year, authorities have dramatically increased borrowing costs in an effort to control prices, pushing the Federal Reserve's benchmark interest rate from near zero in March 2022 to over 5% today.
According to analysts, the Federal Reserve will probably keep interest rates at their current levels this month, reflecting the progress made in reducing price pressures as higher borrowing costs restrain borrowing and spending.
However, the update also revealed that prices are still increasing steadily in many sectors of the economy, far faster than the 2 percent rate the Fed considers healthy.
Rents in particular, along with other housing cost measures, are still rising quickly.
In addition, there have been significant price increases for services like car maintenance and school fees as well as for beer and women's clothing.
"Don't be deceived by the sudden decline in headline inflation, which is almost entirely accounted for by decreases in the price of gasoline. According to these figures, inflationary pressures are still stubbornly high, according to Brian Coulton, head of Fitch's economic research.
