May CPI forecast to rise 0.5% month-over-month
The monthly CPI is expected to increase 0.5% in May, following a 0.6% rise in April.
The annual reading is forecast to climb to 4.2%, its highest level since May 2023.
Core CPI is expected to post a 0.3% monthly increase and a 2.9% yearly gain.
High oil prices, driven by the Middle East crisis, are a key factor in the inflation forecast.