CPI: US inflation likely continued to heat up last month

U.S. consumer price data for May is due at 8:30 a.m. ET on Wednesday, with economists forecasting a 0.5% rise from April and a 4.2% gain year over year. The core measure is seen up 0.3% from April, 2.9% on an annual basis. Energy prices are expected to push the headline figure higher, as gas averages about $4.16 a gallon. The figures come as global price pressures persist amid an ongoing U.S.-Iran conflict, keeping inflation a central Fed concern ahead of the June policy meeting. A hotter print would bolster bets on further rate hikes this year if inflation broadens beyond energy.