Biden: Inflation data 'good news' for US families, more work to do

U.S. President Joe Biden hailed Tuesday's inflation data as "good news for hard working families" and said there was more work to do to bring down the cost of living in the country, according to a statement released by the White House.

U.S. consumer prices barely rose in May and the annual increase in inflation was the smallest in more than two years, though underlying price pressures remained strong, supporting the view that the Federal Reserve would keep interest rates unchanged on Wednesday while adopting a hawkish posture.