Inflation resumed its climb in May, snapping a four-month streak of easing price pressures, yet rising input costs from tariffs failed to significantly spill into consumer prices.
The annual rate of increase in the Consumer Price Index (CPI) was 2.4% last month, marking a slight acceleration compared to the 2.3% surge in April, the Bureau of Labor Statistics showed Wednesday.
The outcome missed economist expectations of 2.5%. Prior to the inflation data, traders had priced in a cumulative 35 basis points of interest rate cuts by year-end.
On a monthly basis, the CPI basket rose by just 0.1%, decelerating from April’s 0.2% and …