According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, up from 2.3% in April but lower than the expected 2.5% growth.

A months-long streak of cooler inflation trends continued in May, the Bureau of Labor Statistics said on Wednesday. Why it matters: Many economists project that President Trump's tariffs will reignite inflation this year,

Before Wall Street takes the low reading on U.S. inflation in May at face value, investors and economists want to see the result of the producer-price index for May.