Consumer prices rose 4.2% annually in May, highest in three years

Inflation accelerated in May as rising energy costs contributed to pain for consumers, though underlying pressures were less intense.

The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported Wednesday. Both numbers were in line with the Dow Jones consensus.