Economic Report: Rising rents, gas and food prices push U.S. inflation rate to 8.6%, CPI shows

The consumer price index is expected to show a 0.7% increase in May, according to economists polled by The Wall Street Journal. The core CPI that excludes food and energy is seen rising 0.5%.

The 12-month rate of increase in the main CPI is forecast to hold steady at 8.3% and keep it near a 40-year high. The report will be released at 8:30 a.m. Eastern by the Bureau of Labor Statistics.