Inflation rate edged higher by 2.4% in May, CPI report shows. Here's what that means.

The Consumer Price Index in May rose 2.4% on an annual basis, as economists watch for signs that President Trump's tariffs, which are taxes that U.S. companies pay on imported goods, are beginning to trickle through to prices on everyday items bought by Americans. 

The CPI was forecast to rise 2.5% last month on an annual basis, an increase from April's 2.3% rate, according to economists surveyed by financial data firm FactSet.