Despite fears that tariffs would cause consumer goods prices to rise, the U.S. inflation rate remained relatively steady in May, according to data from the Bureau of Labor Statistics.

According to new data released on Wednesday, the Consumer Price Index rose 2.4% in the 12-month period ending in May. The inflation rate is just 0.1 percentage points higher than April's rate of 2.3%, which marked the lowest year-over-year inflation rate since 2021.

Wednesday's release of the Consumer Price Index indicates that President Donald Trump's new tariffs have yet to impact the broader economy, as many economists predict that prices on consumer goods could rise in the coming months.

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Last week, the

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