Inflation moved up in May as Trump's tariffs threatened to filter into consumer prices, CPI report shows. Gasoline prices declined for fourth month

Consumer prices rose 2.4% year-over-year in May, defying fears that President Trump’s tariffs could lead to higher inflation. Here’s why economists think that will change in the coming months.

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

Economists expect inflation to have jumped slightly in May, registering year-over-year price increases of 2.4%. That would mark an increase from an inflation rate of 2.3% over the year ending in April, which amounted to the lowest inflation level since 2021.

Here are the key points to know ahead of this morning's consumer-price index for May: Year-over-year inflation is expected to pick up slightly from April to 2.4%, according to the consensus estimate.

After three months of declines, inflation ticked up again in May. Here's what that could mean for the price of gold.