May Inflation Report 2024. Inflation had barely registered on america's radar in recent years. Forecasts for the may consumer price index report show overall inflation easing thanks to falling gas prices, while core inflation (which excludes volatile food and energy.

The consumer price index declined to a 3.3% annual rate, down from 3.4% in april. That’s a 5.4% increase — or $2,500 — over last year, when the price shot up 2.7% from 2022 and is well above the latest annual inflation rate of 2.6% in october.