(Bloomberg) -- Here are the key takeaways for the US May consumer price index data released Tuesday:

• Annual inflation moderated to 4% in May, the slowest pace since March 2021. A 3.6% decline in energy prices supported the deceleration.
• Core prices — which exclude the volatile food and energy categories — rose 0.4% on a monthly basis. Used cars, auto insurance, clothing and personal care were some of the categories behind that increase.
• Though a 0.4% gain is still too high for the Fed, Tuesday’s reading is unlikely to change central bankers’ minds as they convene in Washington.
• A pause in the Fed’s tightening campaign is still largely anticipated this week. Officials will likely welcome the deceleration in overall CPI, though the elevated core number will continue to be a concern and bolster the case for a hike next month.
• Some categories that had offered a measure of relief to consumers in recent months, including used cars and food at home, showed renewed strength, a worrisome sign to a central bank looking to combat inflation.

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