The rise in prices is attributed partly to increasing oil prices but even disregarding oil, US prices are 2.2% higher than they were in May 2017. Adding to inflation were rising shelter, food and medical costs. At the same time, household income grew 2.7%, meaning prices were relatively stable in real terms.
In the past year, the Federal Reserve has gradually raised the interest rate from 1% to 1.75%. The Fed's inflation target is 2% and higher interest rates usually reduce inflation so pundits expect more interest rate increases in the coming months.