The Bureau of Labor Statistics has released the US Consumer Price Index (CPI) data for May, offering insights into how inflationary pressures have moved across food, shelter, and other areas of the economy. The annual inflation rate in the US rose to 4.2% in May 2026, marking its highest level since April 2023, from 3.8% in April and in line with market expectations. This represents the third consecutive monthly acceleration in headline inflation, with energy costs jumping 23.5% vs 17.9% in April, due to the energy shock triggered by the conflict with Iran. Gasoline prices soared 40.5%, after a 28.4% gain.