US inflation rises moderately to 2.4% in May

US consumer price inflation rose less than expected in May, reflecting the impact of tariffs imposed by the Trump administration on the prices of some goods.

The annual consumer price inflation (CPI) rate rose to 2.4% last month, which comes below expectations of 2.5% from 2.3% in April, official data released on June 11 showed.

Additionally, the core CPI, which excludes volatile food and energy prices, stabilized at 2.8%, in line with Reuters' forecast.

On a monthly basis, the overall consumer price index (CPI) slowed to 0.1% last month, following a 0.2% rise in April, while the core CPI also rose 0.1%.

The monthly increase in CPI was driven by a 0.9% rise in fuel prices and a 0.6% growth in healthcare costs.

Housing costs rose just 0.3% month-on-month (MoM) and 3.9% year-on-year (YoY), while used and new car prices fell 0.5% and 0.3% MoM, respectively.

Food prices in the US inched up 0.3% MoM in May after falling 0.1% in the previous month.