LOS ANGELES, CALIFORNIA - APRIL 27: Gas prices are displayed at a Chevron station on April 27, 2022 in Los Angeles, California. Prices in Los Angeles County have fallen to their lowest level since early March, with the average price of a gallon of self-service regular gasoline currently at $5.774. (Photo by Mario Tama/Getty Images)

SILVER SPRING, Md. (AP) — U.S. consumer confidence edged down in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation. The Conference Board said Tuesday that its consumer confidence index dipped to 106.4 in May — still a strong reading — from 108.6 in April. The business research group’s present situation index, which measures consumers’ assessment of current business and labor conditions, also fell in May to 149.6 from 152.9 in April. President Joe Biden will meet with Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation continues to carve up Americans’ earnings.