Consumer prices in the U.S. rose less than expected in May, with the inflation rate holding at 2.4%, as President Trump’s tariffs have yet to significantly impact prices, the Bureau of Labor Statistics reported.

Core inflation, excluding food and energy, also came in below forecasts.

Declines in energy, vehicle, and apparel prices helped offset increases in shelter and food costs.

Experts caution that tariff-related price hikes may still appear in coming months, CNBC has reported.

Meanwhile, the Trump administration continues trade negotiations, including talks with China, aiming to resolve tariff disputes by early July.

Written by B.C. Begley