Inflation fell a tenth of a percentage point to 3.3% for the year ending in May, a welcome development as the Federal Reserve considers when it will begin cutting interest rates.

The data reported on Wednesday by the Bureau of Labor Statistics in an update to the consumer price index are encouraging news for President Joe Biden. The White House has been emphasizing any positive inflation data alongside the country’s robust labor market as it aims to improve the public’s perception of Biden’s management of the economy.

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