U.S. consumer prices increased less than expected in May as cheaper gasoline partially offset higher housing costs, but inflation is expected to accelerate in the coming months on the back of the Trump administration's import tariffs.

US consumer prices increased less than expected in May as cheaper gasoline partially offset higher rents, but inflation is expected to accelerate in the

The CPI rose 2.4 per cent in May from last year, though economists say the impact of tariffs will likely be felt later in the year