The annual inflation rate in the US is expected to hold steady at 3.4% in May 2024, matching April's rate, after a period of earlier acceleration this year.

Compared to the previous month, the CPI is projected to increase 0.1%, which would mark the lowest reading in seven months, compared to 0.3% in April.

Gasoline prices likely stabilized in May, while used car prices probably increased and shelter costs remained high.

Meanwhile, core inflation likely slowed to 3.5% annually, which would be the lowest reading since April 2021, down from 3.6% in April.

The monthly core inflation rate is expected to remain at 0.3%.

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