May Consumer Prices Up 0.4%, Double Rate Of Street Views

Consumer inflation grew 0.4 percent in May up slightly from April's 0.3 percent and twice the rate expected by Wall Street.The increase was broad-based and the largest since February 2013, according the Bureau of Labor Statistics Consumer Price Index. In the past year, inflation has been running at 2.1 percent before seasonal adjustment.Food posted it's largest increase since August 2011, rising 0.7 percent while increases in electricity and gasoline led to a 0.9 percent rise in energy.So-called core inflation, which strips out energy and food, rose 0.3 percent in May, it's largest gain since August 2011.Tuesday marks the start of a two-day Federal Open Market Committee meeting, where inflation is typically a topic of consideration for policy makers.Last week, the Bureau of Labor Statistics reported that U.S. wholesale prices declined by a seasonally adjusted 0.2% in May after two straight monthly gains