U.S. consumer prices up 2.4 percent in May, slightly slower than expected

U.S. inflation picked up slightly last month with a cooler-than-expected increase, signaling that the Trump administration's tariff hikes since April had yet to show significant impact, a Labor Department report said Wednesday.

The consumer price index, a broad-based measure of goods and services across the sprawling U.S. economy, advanced 2.4 percent in the 12 months through May, up 0.1 percent from last month.

Core inflation excluding volatile food and energy prices came in at 2.8 percent.

In May, food prices in the United States rose significantly. However, a decline in energy prices from the previous month kept the CPI growth rate in that month relatively moderate.

Analysts point out that U.S. inflation has been slow partly because most retailers are selling merchandise stocked before the import tariffs took effect.

Many believe inflation will heat up later this year as retailers begin to raise prices.

U.S. consumer prices up 2.4 percent in May, slightly slower than expected

U.S. consumer prices up 2.4 percent in May, slightly slower than expected

U.S. consumer prices up 2.4 percent in May, slightly slower than expected

U.S. consumer prices up 2.4 percent in May, slightly slower than expected

U.S. Special Envoy to the Middle East Steve Witkoff will meet with senior officials of Qatar, Egypt, and Türkiye in Miami, U.S. on Friday to discuss the second phase of the Gaza ceasefire agreement, according to a White House official on Thursday.

The four countries reportedly believe that both Israel and Hamas are seeking to delay the implementation of the deal's second phase. Therefore, the mediators are eager to develop a joint approach to urge both sides to fulfill their commitments.

It will be the highest-level meeting of mediators since the first phase of the deal took effect in October 2025. Participants are expected to include Qatari Prime Minister Sheikh Mohammed bin Abdulraman Al-Thani , Turkish Foreign Minister Hakan Fidan, and Egyptian Foreign Minister Sameh Shoukry.

The gathering will precede an expected meeting between Israeli Prime Minister Benjamin Netanyahu and U.S. President Donald Trump at Mar-a-Lago on December 29, during which they will discuss the Gaza ceasefire, among other issues.

Mediators to hold meeting in US to discuss Gaza ceasefire