Key Takeaways Inflation rose less than expected in May, with prices increasing 2.4% over the year in May compared to a 2.3% increase in April."Core" inflation, which excludes food and energy prices, was up 2.

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

Consumer prices increased 2.4 percent in May compared with a year ago, according to a Labor Department report released Wednesday.