In May, the Consumer Price Index (CPI) remained unchanged, signaling a slight easing of inflationary pressures on the U.S. economy, according to the Labor Department’s report released Wednesday.

Compared to a year ago, the CPI increased by 3.3%, slightly below economists’ expectations of a 0.1% monthly increase and a 3.4% annual rise.

In April, the CPI had risen by 0.3% month-over-month, with an annual increase also at 3.3%.

Excluding volatile food and energy prices, the core CPI rose by 0.2% from the previous month and by 3.4% from a year ago, slightly below forecasts of 0.3% and 3.5%, respectively.

Following the release of the report, stock market futures responded positively with gains, while Treasury yields declined, CNBC has reported.

The Dow Jones Industrial Average increased by approximately 250 points during morning trading, while the 10-year Treasury yield dropped to 4.27%, down nearly 0.14 percentage points.

Written by B.C. Begley