Surveys by Dow Jones Newswires and The Wall Street Journal suggest US inflation rose to 2.4% in May

On Wednesday, US inflation data for May will be published. According to Dow Jones Newswires and The Wall Street Journal surveys, last month's Consumer Price Index (CPI) likely rose to 2.4%. The April reading stood at 2.3%, Investopedia reports.

Core inflation, which excludes volatile food and energy prices, is also expected to have risen by 0.1 percentage point to 2.9% in May, up from 2.8% the previous month, according to surveyed experts.

Respondents' expectations stem from the growing negative impact of Donald Trump's tariff policies on consumer price dynamics in the United States. Investors have long feared rising inflationary pressure amid the American president's import duty hikes. But so far, their concerns have only been reflected in private-sector surveys. Economists believe that in May, the tariffs’ effects could finally appear in official inflation figures.

The US inflation report for May will be of great importance in determining the Federal Reserve's (Fed) monetary policy.