The Fed’s Preferred Inflation Gauge Was Slightly Hotter in May, as Spending Cooled

Most economists and policymakers are bracing for price pressures to intensify this summer because of President Trump’s tariffs.

The Federal Reserve’s preferred inflation gauge showed underlying price pressures starting to heat up slightly in May as spending cooled, trends that economists and policymakers warned could intensify this summer.

“Core” consumer prices, which strip out volatile food and energy costs and are seen as the best measure of underlying inflation, rose 0.2 percent in May. That was slightly faster than the previous month and more than economists had expected. Compared with the same...

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