Energy Costs Drove 60% of Inflation in May

The Bureau of Labor Statistics’ Consumer Price Index for last month will be released at 8:30 a.m. ET Wednesday.

US inflation hits 4.2% as Gulf energy shock drives up prices

This marks its fastest year-over-year pace since April 2023—as well as through both of President Donald Trump’s terms—and means inflation is now over double the Federal Reserve’s long-term target of 2 percent.

Fast-rising gas prices are expected to once again have an outsized effect on overall inflation.