Meaningfully larger increases are likely in coming months” to inflation as tariffs take hold, said the top U.S. economist at the nation’s largest bank.

Prices for toys, car parts and major appliances jumped in the US last month, but the overall impact of Donald Trump's new tariffs on consumers appeared to remain relatively muted. Overall inflation, the pace of price increases, picked up to 2.4% in May, rising from 2.3% in April, the Labor Department said.