You love to see it. Headline CPI was unchanged in May- 0%. Led by a decline in gasoline prices.
Core CPI month to month was 0.2%. (equal to a 2% annualized rate- exactly the Fed's target rate).
Both lower than expectations.
Broad cooling in both services and goods.
Food was only 0.1% month to month.
However shelter inflation remained at 0.4% month to month.