CNN  —  Inflation cooled in May, new data showed Wednesday, delivering a welcome piece of news just hours before the Federal Reserve is set to make its latest announcement on interest rates. Consumer prices rose 3.3% from a year earlier, slowing from April’s 3.4% rate, according to the Bureau of Labor Statistics’ latest Consumer Price Index report released Wednesday. On a monthly basis, prices were flat, a slower pace from April’s 0.3% gain. Economists were expecting a 0.1% monthly increase and an annual gain of 3.4%, according to FactSet consensus estimates.