[FinanceYahoo] The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 0.1% month over month, below April's 0.2% rise and lower than economists' estimates of a 0.2% monthly gain in prices.
On an annual basis, CPI rose 2.4% in May, a slight uptick from April's 2.3% gain, which marked the lowest yearly increase since February 2021.
On a "core" basis, which excludes volatile food and energy costs, CPI rose 2.8% over the past year in May, matching April. Monthly core prices increased 0.1%, a touch below April's 0.2% gain. Heading into the report, economists had expected core CPI to rise 2.9% year over year and 0.3% month over month.
Declines in car and apparel prices; categories expected to show some of the earliest impacts from tariffs; helped drive a cooler-than-expected core CPI reading last month.
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