May CPI due Wednesday 8:30 a.m. ET: Markets eye 4.2% annual inflation forecast

U.S. May CPI data is scheduled for release Wednesday at 8:30 a.m. ET, with Wall Street expecting a 0.5% monthly increase and 4.2% year-over-year inflation. Core CPI is projected at 2.9% annually after a 0.3% May rise, as concerns build that higher oil prices are feeding through the broader economy.