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Higher prices aren’t over, but the central bank has officially completed its pandemic mission.

Inflation rose by one-tenth of a percentage point to 2.4% for the year ending in May, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

The Fed's preferred inflation gauge, the PCE index, showed that price growth eased in April as inflation numbers trended closer to the central bank's target.