U.S. inflation may rise in May due to Trump's tariffs, but lower gas and airfare prices could limit the increase. Core prices are projected to exceed the Fed's 2% target, with delays in full tariff impacts expected.

• Trump's tariffs on imports (clothes, cars) raise costs, but stockpiling delays price hikes.
• Core inflation exceeds the Fed's 2% target, but analysts expect it to ease as tariffs stabilize.
• Retailers like Walmart warn of higher prices, with surcharges possible by September.