Inflation continued to slow in May, and the stocks that have benefited from easing prices could continue to enjoy the boost. The inflation rate cooled in May to its lowest annual rate in about two years, with the consumer price index increasing just 0.1% for the month. The reading brought the annual level down to 4%, marking the smallest gain since March 2021. A slew of stocks have historically tracked the opposite direction of rising prices, and they should continue to outperform the market as inflation cools, according to Bank of America analysis. The Wall Street firm created an “Anti-Inflation” screen with S & P 500 companies whose relative performance has a strong negative relationship — or beta — with inflation. Bank of America’s screen is based on inflation data going back to 1975. Some of these stocks have been leading the market rally since the last CPI data release. Amazon is on the top of the list with the strongest negative relationship to inflation. The e-commerce giant has gained nearly 15% in the past one-month period. Best Buy has climbed 6.5% in the past month as inflation moderated. Bank of America’s screen also included other consumer discretionary names such as O’Reilly Automotive , Ross Stores , Home Depot and Lowe’s . Consumer staples names Clorox and Kroger have historically moved in opposite direction to inflation.