The U.S. Labor Department released the consumer price index. The index rose 0.4% in May, exceeding expectations for a 0.2% gain, after a 0.3% increase in April. Food prices had shown the biggest increase since August 2011.

On a yearly basis, the U.S. consumer price index increased 2.1% in May, after a 2.0% gain in April. That was the biggest rise since October 2012. Analysts had expected the consumer price index to remain unchanged at 2.0%.

The U.S. core consumer prices excluding food and energy climbed 0.3% in May, slightly exceeding expectations for a 0.2% rise, after a 0.2% increase in April. On a yearly basis, the U.S. core consumer prices increased 2.0% in May, after a 1.8% gain in April. That was the fastest pace since February 2013.

The higher inflation could weigh on Federal Reserve’s decision when to raise short-term interest rates.