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Inflation rose at 3.3% year-over-year last month — slightly down from the 3.4% that was forecast by analysts.
The consumer price index ticked down slightly from the 3.4% headline rate from April. Core inflation, which excludes volatile food and energy prices, also rose 0.2% — slightly lower than expected.
Dow futures soared before the opening bell on Wall Street on Wednesday as investors hope the latest numbers bolster the case for the Fed to begin cutting interest rates later this year.
The latest consumer price index reading comes out on the same day that the Fed is set to wrap up its two-day meeting during which the central bank is expected to plot out how many interest rate cuts — if any — it will undertake later this year.