US May CPI Hits 4.2% YoY as Energy Index Jumps 3.9% and Gasoline Rises 7.0%

US inflation rose in May, with CPI up 0.5% month over month and 4.2% year over year, the Bureau of Labor Statistics said. Energy led the move, rising 3.9% and making up over 60% of the increase, while gasoline gained 7.0%. Core CPI rose 0.2% on the month and 2.9% on the year, complicating near term Fed cut expectations watched by crypto traders.