Inflation in May likely topped 4% for the first time in 3 years, economists say

May inflation is expected to top 4% for the first time in three years, with the CPI projected to rise 4.2% year over year, up from 3.8% in April, according to a FactSet poll. The core CPI is seen at 2.9%, just above March’s reading. The figures would mark the highest level since April 2023’s 4.9% spike and reflect broader inflation pressures. Oil prices and energy costs are cited as major drivers, with Brent near $91 and WTI around $88; gas averaged $4.16 per gallon nationally. Beyond energy, economists expect higher prices for goods and services as demand remains resilient and airlines pass through jet-fuel costs.