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.

President Trump’s tariffs provide a challenge for US growth, but they also bring with them inflationary risks through higher imported prices. We suspect that we’ll see the first real signs of this increase in price pressures in today’s report, with both the main and underlying CPI figures set to tick higher from April.

Reports on consumer and wholesale inflation headline the week’s economic data as tariff negotiations between the U.S. and China begin.