Inflation Eased to 3.3% in May, Slightly Lower Than Expected

U.S. inflation slowed in May, extending an easing in price increases after a hot start to the year.

The consumer-price index, a measure of goods and service costs across the economy, rose 3.3% annually last month, the Labor Department said Wednesday. Core prices that exclude volatile food and energy items climbed 3.4% from a year earlier.

Stock futures jumped after the report, while Treasury yields fell.

Wednesday’s inflation report, which came hours before a Federal Reserve meeting is set to conclude, was better than many investors’ expectations.