Economists expect inflation to have jumped slightly in May, registering year-over-year price increases of 2.4%. That would mark an increase from an inflation rate of 2.3% over the year ending in April, which amounted to the lowest inflation level since 2021.

Consumer prices rose 2.4% year-over-year in May, defying fears that President Trump’s tariffs could lead to higher inflation. Here’s why economists think that will change in the coming months.