FX.co ★ US Core CPI Ticks Up to 2.9% in May, Marking Slight Acceleration in Underlying Inflation

The annual Core Consumer Price Index (CPI) in the United States edged higher to 2.9% in May 2026, up from 2.8% in April 2026, according to data updated on 10 June 2026. The figure reflects the year-over-year change in core prices, which exclude volatile food and energy components to provide a clearer view of underlying inflation trends.

Both the current and previous readings are measured on a year-over-year basis, comparing each month to the same month a year earlier. April’s 2.8% core inflation rate was calculated against April of the prior year, while May’s 2.9% rate reflects the change versus May a year earlier. The slight uptick suggests that, while core inflation remains relatively contained, price pressures have not yet eased decisively on an annual basis.

Market participants and policymakers will be closely watching whether this modest acceleration in core inflation proves temporary or signals a more persistent trend, as it may influence expectations around the trajectory of U.S. monetary policy and interest rates in the coming months.