The consumer price index increased 0.1% for the month of May, lower than economists' predictions, with the annual rate reaching 2.4%.

The latest Producer Price Index, a closely watched measurement of wholesale inflation, rose 0.1% in May, lifting the annual rate to 2.6%, according to Bureau of Labor Statistics data released Thursday.

Follow live coverage and analysis of the latest inflation data, the May consumer price index report from the Bureau of Labor Statistics.

Major equity indices, which had been hovering near all-time highs, pulled back as geopolitical risks surged back to the forefront.

Argentina's monthly inflation rate slowed to its lowest level in more than five years in May, official data showed on Thursday, adding momentum to President Javier Milei's drive to rid the country of chronically soaring prices.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the consumer-price index by 0.5 percentage points,

UK households had been expecting inflation to slow over the coming year, according to a Bank of England survey that was conducted before the sudden jump in consumer prices reported last month.

The European Central Bank's inflation target of 2% is in reach, ECB President Christine Lagarde was quoted as saying in an interview published on Saturday. In the interview with China's Xinhua news agency earlier this week which was released on the ECB website,

U.S. inflation picked up a bit last month as higher prices for groceries and some imported goods were largely offset by cheaper gas, travel services, and rents.