U.S. consumer prices grew at the slowest pace in two years in May, leading to suggestions that the U.S. Federal Reserve will freeze rates on Wednesday.

According to the U.S. Labor Department on Tuesday, the Consumer Price Index increased four percent in May from a year earlier.

It represents a sharp drop from April’s four-point-nine percent and the lowest growth in 26 months since March 2021. The index also slowed for the eleventh consecutive month.

On a monthly basis, prices edged up by one-tenth of a percent in May, also down from April’s zero-point-four-percent increase.

Meanwhile, core inflation, which excludes volatile food and energy prices, rose five-point-three percent in May over the same period last year and zero-point-four percent from the previous month.