Inflation held its position in May in a sign of its stubbornness despite efforts to reduce prices from four-decade high.
On Thursday, the Commerce Department released its latest reading for the Personal Consumption Expenditure (PCE) index that showed prices rose by 6.3% in May on a year-by-year basis.
This was the same amount that it advanced by in April, down slightly from March's 6.6%, the highest level seen by the U.S. economy since January 1982, according to CNBC.
When more volatile food and energy prices are excluded from among its basket of goods, the PCE index found that prices rose at a slightly slower rate of 4.7% compared to 4.9% witnessed a month earlier.
This reading adds to a complicated picture of the state of inflation in the U.S. In May, the readings for the Consumer Price Index (CPI) showed prices rose by around 8% for consumers while costs for producers under the Producer Price Index (PPI) shot up by about 10.8%.