Import volumes through the busiest trade hub in the US fell 19% from the month before, a fallout from President Donald Trump’s tariffs.

US consumer prices increased less than expected in May as cheaper gasoline partially offset higher rents, but inflation is expected to accelerate in the

Consumer prices in the US rose less than anticipated in May, with limited evidence so far that President Donald Trump's tariff measures have had a material impact on inflation.

WASHINGTON (Reuters) -U.S. consumer prices increased less than expected in May as cheaper gasoline partially offset higher housing costs, but inflation is expected to accelerate in the coming months on the back of the Trump administration's import tariffs.

Grocery prices rose 0.3% from April to May, and are up 2.2% in the past year. Fruits and vegetables, breakfast cereals, and frozen foods all rose last month. Egg costs fell 2.7%, though they are still more than 40% more expensive than a year ago. Gas prices dropped 2.6% last month.

Chinese imports to the United States are shrinking amid the ongoing tariff war between the two countries. China exported $28.8 billion to the United States in May (compared to $44 billion last year), while its imports from the U.S. fell 7.4% to $10.8 billion, the report said.

Healthcare costs rose 0.3%. Motor vehicle insurance increased 0.7% and personal care costs rose 0.5%. Overall, services costs gained 0.2% after rising 0.4% in April. Some economists are hopeful any tariff-related surge in inflation would be blunted by moderating services prices, especially wage growth.

In May, the UN's FAO reported a decrease in global food commodity prices. This decline was primarily due to significant price reductions in cereals, sugar, and vegetable oils.

China has reported its exports rose 4.8% in May from a year earlier, lower than expected as shipments to the United States fell nearly 10%