US producer price inflation remained muted in May across the board, another sign that tariffs have yet to result in higher prices for consumers and businesses.

The Consumer Price Index increased from 2.3% in April to 2.4% in May year-over-year, according to the Bureau of Labor Statistics’ report.

Discover May's inflation trends with insights from the Bureau of Labor Statistics. Click for my full review of the CPI data and a look at what it means for markets.

The Bureau of Labor Statistics reported Wednesday that U.S. inflation measured by the Consumer Price Index increased by a lower than expected 0.1% in May.

For four months many economists have predicted that US inflation would reignite, in large part due to President Donald Trump’s trade war and the knock-on effects his tariffs would have on the economy.

Though there have been no widespread layoffs as employers hoard workers in an uncertain economic environment, the labor market is losing steam. An immigration crackdown by the White House is also slowing employment gains. Nonfarm payrolls increased by 139,000 jobs in May, down from 193,000 a year ago.

The Bureau of Labor Statistics reportedly reduced the number of businesses at which it checks prices for the benchmark Consumer Price Index report.

According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, up from 2.3% in April but lower than the expected 2.5% growth.

The Bureau of Labor Statistics reported that the consumer price index (CPI) increased in May, as inflation remained above the Federal Reserve's 2% target.

Meaningfully larger increases are likely in coming months” to inflation as tariffs take hold, said the top U.S. economist at the nation’s largest bank.

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.