Consumer prices rose a seasonally-adjusted 0.97% over the previous month in May, up from April’s 0.33% rise. Looking at the details of the release, prices for transportation rebounded in May amid record-high gasoline prices. The changes in the prices of food and housing were largely steady in May at already-elevated levels.

Inflation came in at 8.6% in May, which was up from April’s 8.3%. May's reading represented the highest inflation rate since December 1981. Meanwhile, the trend pointed up, with annual average inflation coming in at 6.9% in May (April: 6.6%). Finally, core inflation edged down to 6.0% in May, from April’s 6.1%.

FocusEconomics Consensus Forecast participants expect inflation to average 7.3% in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, the panel expects inflation to average 3.4%.