Stubborn inflation read not helped by big rise in energy prices.

May headline CPI was 8.6% year over year, compared to 8.3% last month.

Core CPI was 6% year over year, compared to 6.2% last month. Second month in a row of declines. But this is mostly base effects because the previous year's core CPI was so high.

Both slightly higher than expectations.

A large rise in energy prices was a significant reason why headline inflation was so high.

The month to month changes. Headline CPI is up month to month. Core is mostly unchanged month to month.

You can see the contribution of energy to May's numbers

Gas up 39% since Russian invasion

Core PCE is the Fed's preferred inflation measure. The next print of that won't be until after the Fed meeting. But everyone expects another 50 basis point hike.