Inflation likely rose in May, bouncing back after three months of declining as President Donald Trump's tariffs start to push up prices.

Consumer prices rose less than expected in May, CNBC reported, as Trump’s controversial tariffs have yet to have a significant impact on inflation. The broad consumer price index, which measures the cost of goods and services across the economy, increased 0.1% for the month, putting the annual U.S. inflation rate at 2.4%.

At the same time, the Bureau of Labor Statistics this week reported that both producer and consumer prices increased just 0.1% on a monthly basis, pointing toward little upward pressure from the duties. Economists still largely expect the tariffs to show an impact in the coming months.

Wholesale data showed milder inflationary pressures while Trump renewed his threat to impose "take it or leave it" tariffs on trading partners.

Consumer prices in the US rose less than anticipated in May, with limited evidence so far that President Donald Trump's tariff measures have had a material impact on inflation.

Investors were cheering the below-forecast inflation reading for May, but it might be premature to assume that President Donald Trump’s aggressive tariffs could have limited impact on inflation, according to Seema Shah,

Stock market futures were mostly calm on Thursday evening ahead of a key jobs report that is expected to shed light on the health of the U.S. economy. S&P 500 futures ticked down about 0.1%. Futures for the Dow Jones Industrial Average were up less than 0.1% while Nasdaq 100 futures shed 0.3%.

Consumer prices were only slightly affected by President Donald Trump’s tariffs in May, according to new numbers from the U.S. Bureau of Labor Statistics. Wednesday’s reading shows a 0.1% rise in consumer prices in May.

Producers of metals and other raw materials fell as traders weighed the implications of inflation data and a U.S.-Chinese trade negotiations. The U.S. consumer price index rose 0.1% in May, a more benign reading than anticipated.

The consumer price index, a broad-based measure of goods and services across the sprawling U.S. economy, increased 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%.