US inflation rose in line with forecasts in May, although so-called “core inflation” came in lower than expected as the effects of President Trump’s tariffs still have yet to significantly boost consumer prices. The Consumer Price Index rose 2.4% in May from a year earlier, matching economists’ expectations according to the Wall Street Journal.

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.