Inflation rose less than expected last month despite Trump’s tariffs

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread. Consumer prices rose 0.1% last month, while the annual inflation rate increased to 2.4% from a four-year-low of 2.3% notched in April, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. The better-than-expected inflation reading is welcome news for Americans worn down by the higher cost of living and who are fearful of whether tariffs will drive that higher. However, while the tariff impacts weren’t prevalent in Wednesday’s report, the latest CPI...