Consumer prices probably jumped in May for the third straight month, heightening concerns for the inflation fighters at the Federal Reserve and underscoring the threat that rising costs pose for the Trump administration as midterm elections near.

Inflation Expected to Reach 4.2%

Inflation is expected to reach 4.2% in May from a year earlier when the Labor Department reports last month’s figures, according to a survey of economists by data provider FactSet. The annual increase would be up from the 3.8% reading in April. On a monthly basis, prices are forecast to have risen a hefty 0.5%, slightly below the 0.6% increase in April.

Inflation had been cooling before President Donald Trump imposed sweeping tariffs in April 2025, which lifted the costs of many goods. Prices have since surged after the Iran war made oil and gas more expensive, making affordability a key political issue.

Gas Prices and Inflation

Gas prices have fallen this month, but they rose in May because of Iran’s closure of the Strait of Hormuz, which has choked off about a fifth of the world’s oil supply. Prices at the pump rose, on average, from about $4.04 in mid-April to $4.49 in mid-May, according to the Energy Information Administration.

They have since fallen back to $4.16 on average nationwide, according to AAA, which could lead to a cooler inflation reading in June.

Original reporting: KTBS 3 (Shreveport) — read the source article.