Data released moments ago by the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI), which measures inflation, rose 0.5% in May, compared to 0.6% in April, matching market expectations. The core CPI, which excludes food and energy prices, rose 0.2%, compared to 0.4% in April (expected at 0.3%).

Meanwhile, the year-over-year CPI rose to 4.2%, compared to 3.8% in April, matching expectations and reaching its highest level since April 2023. The year-over-year core CPI rose to 2.9% from 2.8%.

In detail, the energy index recorded an increase of 3.9% in May on a monthly basis from 3.8% in April and a rise of 23.5% on an annual basis. The food index rose in May to 3.1% on an annual basis from 3.2% in April, while the housing and shelter index rose to 0.3% from 0.6% on a monthly basis and to 3.4% on an annual basis from 3.3%.