U.S. May CPI rises to highest level since May 2023

The U.S. consumer price index (CPI) rose 4.2 percent year on year in May, marking its highest level since May 2023, as energy prices remained high, according to data released by the U.S. Bureau of Labor Statistics on Wednesday.

Notably, the energy index for May increased 3.9 percent month on month, accounting for over 60 percent of headline inflation.

Gasoline and fuel oil prices increased 40.5 percent and 58.9 percent year on year, respectively, in May.

The national average price of gasoline reached 4.555 U.S. dollars per gallon on May 20, a 50 percent rise since the Iran conflict started in February, according to data released by the American Automobile Association. The price later eased to 4.151 dollars per gallon on Wednesday.

The core CPI, which excludes volatile food and energy prices, increased 2.9 percent year on year in May.

Statistics show that U.S. headline CPI for May rose 0.5 percent month on month, down from 0.6 percent in April, while core CPI increased 0.2 percent, compared with a 0.4 percent gain in April and below the market consensus forecast of 0.3 percent.

The report arrives at a critical juncture for markets and Federal Reserve policymakers. While the rate-setting Federal Open Market Committee is widely expected to hold interest rates steady at its June 17 meeting, policymakers acknowledged that the inflation surge caused by the Iran conflict will likely delay any rate reduction. The data are likely to reinforce this stance.

Oil prices rose while U.S. stocks traded lower in the morning session on Wednesday after U.S. President Donald Trump posted on Truth Social that Iran has "taken too long to negotiate a deal" and will "have to pay the price."

U.S. May CPI rises to highest level since May 2023

China has recorded ten consecutive quarters of growth in imports and exports with the Association of Southeast Asian Nations (ASEAN), the data for the second quarter of this year from the General Administration of Customs GAC) showed on Tuesday.

China's trade with ASEAN reached 4.34 trillion yuan (about 640 billion U.S. dollars) in the first half of 2026, marking an 18.2-percent increase compared to the same period of last year, according to GAC.

"In the first half of this year, China's imports and exports with ASEAN stood at 4.34 trillion yuan, up 18.2 percent year on year on. Of this total, imports and exports in the second quarter accounted for 2.37 trillion yuan which represented a year-on-year growth of 20.2 percent and marking the 10th consecutive quarter of growth.," said Lyu Daliang, a spokesman for the customs bureau, at a press briefing.

"China and ASEAN have continuously strengthened infrastructure connectivity. In the first half of the year, China's imports and exports with ASEAN via the new western land-sea corridor grew by 18.2 percent, with railway and highway transport increasing by 24.7 percent and 17.5 percent, respectively," Lyu said.

Established in 1967, ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam and Timor-Leste.

China records ten consecutive quarters of trade growth with ASEAN