U.S. consumer prices likely increased moderately in May amid relatively cheaper gasoline, but the Trump administration's import tariffs probably started filtering through to other goods and potentially raising underlying inflation pressures.

Inflation likely picked up in May, but not by much. A modest increase in the consumer price index won’t influence the Federal Reserve’s interest-rate policy, but could provide an early gauge of the impact of higher tariffs on prices for goods and services.

The Consumer Price Index report from the Labor Department on Wednesday could show the CPI less the volatile food and energy components rising by the most in four months