Inflation is expected to accelerate in the coming months on the back of the Trump administration's import tariffs.

Expected price hikes from a wave of US tariffs on global trade have yet to meaningfully show up in government inflation data, but economists warn that increases may be close.

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

Inflation moved up in May as Trump's tariffs threatened to filter into consumer prices, CPI report shows. Gasoline prices declined for fourth month

The Consumer Price Index rose 2.4 percent in May, from a year earlier, a reading that reflects only the initial impact of President Trump’s tariffs.

Consumer prices rose 2.4% year-over-year in May, defying fears that President Trump’s tariffs could lead to higher inflation. Here’s why economists think that will change in the coming months.

Inflation ticked slightly higher in May, rising 2.4%, in line with expectations, according to the U.S. Consumer Price Index released Wednesday. Prices rose 0.1 percent for the month, according to the Bureau of Labor Statistics. The month-over-month increase is less than expected.

Forecasters say underlying US inflation likely picked up in May, reflecting a modest impact from tariff pass-through for goods that are mostly imported, while some services like airfares saw smaller price gains or outright declines.

Melissa Brown, managing director of investment decision research at SimCorp, says "investors are not placing enough emphasis on the inflation environment," and expects higher prices "over the next couple of months.