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.

The monthly inflation report set to be released Wednesday by the Bureau of Labor Statistics is expected to provide the most definitive look yet at whether U.S. companies are passing the cost of President Donald Trump's higher import duties on to customers.