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May 2026 CPI inflation: BLS report shows consumer prices rose last month
A Mornings with Maria panel analyzes the markets, the impact from the conflict in Iran and investing in companies that the government has a stake in.
Inflation ticked higher in May as American consumers continued to face elevated fuel prices amid the Iran war’s impact on the energy market and across the economy.
The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.5% from a month ago and is 4.2% higher than a year ago. The annual figure is the highest since April 2023.
Expectations vs. reality
Both the 0.5% monthly increase and the 4.2% rise from a year ago were in line with the expectations of economists polled by LSEG.
So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% on a monthly basis and 2.9% from a year ago. The monthly figure was slightly cooler than the expected rise of 0.3%, while the annual core figure was in line with economists’ predictions.
INFLATION IS SQUEEZING AMERICAN CONSUMERS AND THE FED’S LATEST REPORT SHOWS IT’S GETTING WORSE
The cost of living breakdown
High inflation has created severe financial pressures in recent years for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paychecks on necessities and have less flexibility to save.
Energy prices rose 3.9% in May amid the Iran war’s disruption of Middle Eastern oil supplies, with prices up 23.5% in the last year. The BLS noted that the energy index accounted for over 60% of the overall CPI increase in May.
Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago. Electricity prices rose 0.6% last month and are up 5.9% from a year ago. Utility gas service prices fell 0.5% in May and are up 3% year over year.
Gas prices are up a little more than 40% from a year ago in May, the BLS report noted. (Ariana Drehsler/Bloomberg via Getty Images)
Food prices were up 0.2% in May and are 3.1% higher than a year ago. The food at home index was up 0.1% for the month and 2.7% compared with last year. The food away from home index rose 0.3% on a monthly basis and 3.5% year over year.
Meats, poultry and fish prices were down 0.4% in May but are up 6.2% from last year. Beef and veal prices fell 1.6% for the month but remain up 12.9% on an annual basis. Egg prices increased 4% in May but are down 35.2% year over year as supply normalized after an avian flu outbreak. Fruits and vegetables prices rose 0.2% for the month and are up 6.1% from a year ago.
Housing prices were up 0.3% in May and are 3.4% higher than a year ago. Tenants’ and household insurance prices were up 0.5% on a monthly basis and 6.9% year over year.
Transportation service prices were down 0.6% in May and are up 4.1% from a year ago. Airline fares accounted for much of the increase, as they rose 2.7% in May and are up 26.7% from last year.
US ECONOMY ADDED 172,000 JOBS IN MAY, BEATING EXPECTATIONS
What experts are saying
Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, said that, “While today’s numbers weren’t as bad as some people feared, inflation remains well above target.”
“With higher oil prices, AI-induced inflation, and tariffs driving up goods prices, the Fed will remain patiently on the sidelines. We are watching if the re-acceleration in the labor market is sustained and spills over into higher services pricing,” Zentner added.
Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones, said that the CPI data gives the Fed “some breathing room to remain patient as the energy supply shock plays out. If oil prices don’t make another run higher, inflation will likely peak this quarter and begin easing in the back half of the year.”
Food prices also trended higher in May. (Justin Sullivan/Getty Images)
What does it mean for the Fed?
The Federal Reserve is expected to hold interest rates steady when policymakers meet next week for their first interest rate decision under new Fed Chair Kevin Warsh.
The market sees a 96.3% chance that the benchmark federal funds rate remains at its current target of 3.5% to 3.75% after the June meeting, according to the CME FedWatch tool. The tool also sees interest rate hikes as being more likely than cuts heading into this fall.
What does it mean for markets?
Futures for the benchmark S&P 500 index were down about 0.5% following the release of the inflation report ahead of the market open.
“The CPI report should help reassure investors and the Fed that inflation is not running wild,” said Scott Helfstein, head of investment strategy at Global X ETFs. “While the headline number moved higher, the pace of price increases slowed from the prior month. Higher energy costs continue to drive inflation, but that was baked in.”
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Bret Kenwell, eToro U.S. investment analyst, said the inflation report coming in at a level in line with expectations “may give markets a bit of relief” after there’s “been a palpable jitteriness among investors worried about the Fed’s next move.”
“Bulls had been riding a wave of momentum thanks to renewed strength in the AI trade. That surging tide in tech was enough to lift the broader market – even as the S&P 500’s ten other sectors have yet to hit record highs this quarter like the index has,” Kenwell added.
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The 2026 FIFA World Cup, the largest in the tournament’s history with 48 teams and 104 matches, officially begins on Thursday, June 11, when co-host Mexico faces South Africa at Estadio Azteca in Mexico City. The multi-nation event, hosted by Canada, Mexico and the United States, promises a month of global football action culminating in the final on July 19 at the New York New Jersey Stadium.
The opening match is scheduled for 3 p.m. local time in Mexico City (Central Daylight Time). This translates to convenient viewing windows for much of North America while requiring adjustments for international audiences across different time zones.
Opening Match Times by Major Zones
- Mexico City (CDT): 3:00 p.m. on June 11
- U.S. Eastern Time (EDT): 4:00 p.m. on June 11
- U.S. Central Time (CDT): 3:00 p.m. on June 11
- U.S. Mountain Time (MDT): 2:00 p.m. on June 11
- U.S. Pacific Time (PDT): 1:00 p.m. on June 11
- London (BST): 8:00 p.m. on June 11
- Sydney (AEST): 6:00 a.m. on June 12
- Tokyo (JST): 4:00 a.m. on June 12
- Dubai (GST): 11:00 p.m. on June 11
- São Paulo (BRT): 5:00 p.m. on June 11
A second Group A match follows later that evening: South Korea vs Czechia at 8 p.m. local time in Guadalajara (10 p.m. EDT / 7 p.m. PDT).
Full Early Schedule and Time Zone Adjustments
The tournament spreads matches across three host nations, creating a mix of prime-time viewing for North American audiences and challenging hours for fans in Europe, Asia and Australia. FIFA and broadcasters have scheduled many key fixtures to balance accessibility.
Friday, June 12 features two co-host openers:
- Canada vs Bosnia and Herzegovina at 3 p.m. EDT in Toronto
- United States vs Paraguay at 9 p.m. EDT (6 p.m. PDT) in Los Angeles
These times allow strong domestic audiences while international viewers adjust for time differences. European fans may face late-night or early-morning kickoffs for many matches, while Asian and Australian supporters often deal with overnight viewing.
Subsequent days maintain a steady rhythm of three to four matches, with kickoff times staggered to maximize global reach. The group stage runs through June 27, followed by the round of 32 from June 28 to July 3.
Why Time Zones Matter for Fans
The 2026 World Cup’s tri-nation format spreads venues from Vancouver on the Pacific coast to Miami in the east and Mexico City in the south. This geographic distribution creates natural time zone variety but also logistical challenges for traveling fans and broadcasters.
For U.S. viewers, most matches fall within reasonable hours, particularly on the East and Central coasts. Pacific Time audiences will see many afternoon and evening games. International broadcasters have adjusted schedules and provided extensive on-demand options to accommodate global audiences.
Fans in Europe should prepare for some matches starting as early as 2 p.m. or as late as 3 a.m. local time, depending on the venue. Asian viewers, particularly in East Asia, will often tune in during early morning or late night hours. Australian supporters face similar adjustments, with many key games airing in the early morning.
Digital tools, including FIFA’s official app and world clock converters, help fans plan viewing around their local time zones. Many networks offer delayed broadcasts or highlights packages for those unable to watch live.
Broadcast and Viewing Options
Major U.S. rights holders FOX and Telemundo will televise games, with streaming available on Peacock and other platforms. International broadcasters vary by region, often providing localized commentary and time-zone-adjusted schedules.
For viewers outside primary broadcast areas, official FIFA digital platforms and authorized streaming services offer legal viewing options. Fans are encouraged to use verified sources to avoid illegal streams and support the tournament’s commercial ecosystem.
Tournament Structure and Viewer Tips
The expanded 48-team format ensures more nations participate, increasing global interest and viewership projections. The group stage features 12 groups of four teams, with the top two from each group plus the eight best third-placed sides advancing to the round of 32.
To maximize enjoyment, fans should:
- Check local listings well in advance for exact broadcast times.
- Use world clock apps to convert kickoff times accurately.
- Plan around work or sleep schedules for inconvenient slots.
- Join official fan communities or watch parties for shared experiences.
The opening weekend sets an exciting tone, with co-host matches drawing massive domestic audiences. Subsequent weeks feature high-stakes group battles leading into the knockout stages.
Historical Significance and Global Reach
The 2026 edition marks the first World Cup hosted by three nations and the largest ever. It builds on the success of previous tournaments while introducing new logistical and viewing challenges due to the multi-venue, multi-time-zone setup.
Viewership is expected to break records, with billions tuning in across television, streaming and digital platforms. The tournament celebrates football’s global appeal while showcasing North America’s growing infrastructure and fan culture.
Practical Advice for International Audiences
European fans may benefit from afternoon and evening matches on certain days, while Asian viewers can use morning hours for live action. Australian supporters should consider setting alarms for early games or relying on highlights and replays.
Workplaces and schools in some regions may see reduced productivity during key matches, with many employers offering flexible viewing options or watch parties. Families can plan group viewing sessions around school holidays and convenient local times.
Looking Ahead to the Full Tournament
As the opening match approaches, excitement builds for what promises to be a landmark event. The schedule balances competitive integrity with global accessibility, ensuring fans worldwide can follow their teams despite time differences.
The 2026 World Cup represents a celebration of football’s unifying power across continents and cultures. With 48 teams and 104 matches spread over more than a month, there will be compelling action almost daily, offering something for every fan regardless of time zone.
Whether watching from Mexico City at 3 p.m. local time or Sydney at 6 a.m., the tournament delivers shared moments of drama, skill and national pride. As June 11 nears, global audiences prepare for the start of what could be one of the most memorable World Cups in history.
The multi-time-zone format, while complex, ultimately broadens access and engagement. Fans are encouraged to use official resources, plan ahead and embrace the unique viewing experience that comes with a tri-nation hosting model. The 2026 World Cup is set to captivate billions, proving once again that football truly transcends borders and clocks.
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As seen from Canaveral National Seashore, a SpaceX Falcon 9 rocket carrying 60 Starlink satellites launches from pad 39A at the Kennedy Space Center on October 6, 2020 in Cape Canaveral, Florida. This is the 13th batch of satellites placed into orbit by SpaceX as part of a constellation designed to provide broadband internet service around the globe. (Photo by Paul Hennessy/NurPhoto via Getty Images)
Nurphoto | Nurphoto | Getty Images
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The investment firms of billionaires including ex-eBay President Jeff Skoll and AutoZone’s Pitt Hyde are set to reap rewards from SpaceX’s IPO this Friday.
However, while SpaceX’s profile eclipses that of nearly every other private space company, family office investors told CNBC that they see other opportunities in the sector even for companies without Elon Musk‘s name attached. Moreover, they said they view space-related startups as opportunities to invest in infrastructure and defense rather than flashy bets on space exploration.
Gary Lauder, a cosmetics heir turned venture capitalist, has invested in SpaceX through a special purpose vehicle and two venture funds. He told CNBC he was attracted to the strength of its Starlink satellite technology, not the prospect of space tourism.
Much of Lauder’s early investing was in telecommunications, and he took a seminar in satellite communications in the early ’90s.
“I never dreamed of being an astronaut,” he said. “It’s just an important mode of communication.”
Jason Blanck, an investor who started his namesake family office in 2024, said he is interested in the picks and shovels of space, like mission-critical hardware and data networks.
“I think the public markets are focused heavily on debating rocket launch cadences, costs around flight development, but from my perspective and where I sit, managing permanent family capital, the real narrative has actually quite evolved,” he said.
Robin Lauber’s Infinitas Capital invested in SpaceX in early 2025 through a secondary offering. He cited Musk’s track record and the success of Starlink as reasons to put money in. Lauber also noted the valuation was “reasonable” compared with the more than $1.75 trillion expected now.
He told CNBC that Infinitas would have sold some shares before the initial public offering had it found a willing buyer at the right discounted valuation. Lauber is open to selling locked-up shares at a discount to recover the initial cost of investment and seeing how the other shares fare.
Looking forward, Lauber is weighing more investments in European space companies such as Isar Aerospace, a German launch service provider. He is also considering participating in a new fund by Alpine Space Ventures, which counts a SpaceX alum as a founding partner.
“European sovereignty is a huge topic everywhere,” he said.
Investing in space-related firms was unpopular not so long ago, according to Jon Kutler of Admiralty Partners. He spent 10 years in the U.S. Navy before becoming an investment banker specializing in aerospace and defense in the early 1980s. He left Wasserstein Perella & Co. in 1992 to start his own investment firm in order to focus more on the sector to the chagrin of his then-boss, Bruce Wasserstein.
“”He told me I was an idiot because the Cold War was over and there was going to be no more spending in the defense industry,” Kutler said. “People had extrapolated that to be the end of the defense industry, but if you look over the history of mankind, we’re just not a very peaceful species. To me, it seemed ludicrous to declare an end to defense spending, and I was willing to bet against that with my own capital and my own time.”
Kutler sold that investment firm in 2002 to focus on his family office, Admiralty Partners. His investments include Firefly Aerospace, a rocket maker with clients including Lockheed Martin and the U.S. Space Force.
Investing in aerospace firms pioneering new technologies requires patience, Kutler said. This is where family offices have an edge on traditional private equity firms since they aren’t under pressure to realize returns on a fixed timeline.
While the prospect of traveling to Mars is exciting, space exploration companies face a harder path to financial success because federal government spending is less consistent, he said.
“Defense spending is going to be a recurring theme, It will have ups and downs based upon administration priorities, but there’s always going to be an end market there,” he said.
Kutler said the enthusiasm around the SpaceX IPO belies considerable risks to investing in aerospace, such as swings in federal spending. He added that he is concerned federal cuts to research funding will endanger the pipeline of future startups.
“There is a temptation because of what’s going on right now to think that commercial space companies are the answer to everything,” Kutler said. “Perhaps over time the commercial industry may able to do it cheaper, but if you amortize everything out, it takes a long time for that to happen, and these early investments by the government were key to making these things happen.”
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“U.S. Central Command (CENTCOM) acted against Guinea-Bissau flagged M/T Jalveer as it attempted to transport oil from Iran through the Gulf of Oman. A U.S. aircraft fired two Hellfire missiles into the ship’s engine room after the crew repeatedly failed to comply with directions from U.S. forces,” U.S. Central Command said in a statement.
CENTCOM cliamed that forces have disabled nine non-compliant vessels, redirected 135 ships that complied, and allowed 42 vessels supporting humanitarian aid to pass since initiating the blockade on April 13.
Also read: MEA flags growing threat to shipping as MT Jalveer crew evacuation begins
India expresses concerns on continuing attacks on shipping
India’s Ministry of External Affairs (MEA) expressed concern over continuing attacks on shipping in West Asia, calling them “deeply worrisome”, as evacuation of Indian crew members from the vessel MT Jalveer commenced following a maritime security incident near Oman.
“There have been several incidents involving Indian seafarers in West Asia in the last few days. We attach high importance to the welfare and well-being of our seafarers’ community. We need not re-emphasise this point…The continuing incidents of attacks on shipping in the region are deeply worrisome and a direct result of the ongoing conflict in the region. These attacks must cease and end. We also call for dialogue and diplomacy so that we can have an early return to peace and stability in the region,” MEA spokesperson Randhir Jaiswal said.
Jaiswal’s comments comments came after the Guinea-Bissau-flagged bitumen tanker, MT Jalveer, was involved in a maritime security incident in the vicinity of Shinas port in Oman.
According to the Ministry of Ports, Shipping and Waterways, the vessel had 20 Indian seafarers on board and all of them are safe. No casualties or injuries have been reported so far.
Additional Secretary in the ministry, Mukesh Mangal, said evacuation of the crew to Shinas port had begun.
“On 11th June, a Guinea-Bissau-flagged vessel, a bitumen tanker MT Jalveer, was reportedly involved in a maritime security incident in the vicinity of Shinas port, Oman. The vessel has 20 Indian seafarers on board, and all of them are reported to be safe. No casualties or injuries have been reported. As per the latest information, the evacuation of crew members to Shinas port has commenced. Six more are to be evacuated. The Ministry is closely monitoring the situation and is in continuous coordination with the Ministry of External Affairs, Indian Missions abroad and the Indian Navy and other relevant stakeholders,” Mangal said.
Management’s focus is transitioning from stabilization to growth.
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