The new Bureau of Labor Statistics report showed how consumer prices, including food, changed in May. Brandon Bell/Getty Images The new CPI report showed annual inflation jumped to 4.2% in May, the highest rate since April 2023. Data last Friday showed job growth has been healthy, so economists expect the Fed to focus on inflation. Inflation outpaced wage growth for the second straight month. US annual inflation accelerated to 4.2% last month, new consumer price index data showed, as expected.