US prices continued to rise in May amid Trump tariffs

News Snapshot:

US prices continued to rise in May as companies and consumers grappled with Donald Trump’s tariffs. The president has repeatedly pledged to lower costs across the economy. Annualized inflation ticked higher to 2.4% in May, up from 2.3% in April. On a month-to-month basis, the consumer price index rose by 0.1%, down from 0.2% the previous month. The readings were softer than expected. Economists had expected a headline CPI reading for 2.5% in May, amid widespread uncertainty over the direction of the US economy. Core inflation, which measures price increases outside of food and gas, went up 0.1% on the...