Consumer prices in May had a modest 0.1% increase compared to the previous month, down from April's 0.4% rise. Core consumer prices remained steady, rising 0.4% in May, the same as in April and March. The rise in May's inflation was driven by higher housing prices, used vehicle prices, and food prices, while energy prices declined by 3.6% compared to April.

During their meeting on June 13-14, Fed officials will assess inflation and determine whether to hold interest rates steady. If progress on inflation is deemed insufficient, they may consider raising rates in the summer or fall. In May, core consumer prices rose by 5.3% year-on-year, down from 5.5% in April, indicating continued elevated levels partly due to increased housing-rental prices.