Consumer price rises in the US eased slightly last month, official data suggests, ahead of a key meeting where policymakers will publish their latest interest rate decision.

According to the US Labor department, prices rose 3.3% in the year to the end of May, down 0.1 percentage points from the month before.

Core inflation, which strips out more volatile items like food and energy prices, also slowed despite rents continuing to weigh on households’ budgets.

Despite borrowing costs standing at their highest rate in years, officials at the Federal Reserve are expected to hold off on any interest rate cuts this month.