Consumer prices probably jumped in May for the third straight month, heightening concerns for the inflation fighters at the Federal Reserve and underscoring the threat that rising costs pose for the Trump administration as midterm elections near.
Inflation is expected to reach 4.2% in May from a year earlier when the Labor Department reports last month's figures Wednesday, according to a survey of economists by data provider FactSet The annual increase would be up from the 3.8% reading in April. On a monthly basis, prices are forecast to have risen a hefty 0.5%, slightly below the 0.6% increase in April.
