Summary: US CPI rises noticeably in May; double expectations; “core” rate more than expected figure; most, not all, underlying drivers point to transitory factors; non-food/energy commodities, used car/truck prices main drivers; “inflation creep may be broadening”; risk of “more permanent lift” in inflation. The annual rate of US inflation as measured by changes in the consumer price index (CPI) halved from nearly 3% in the period from July 2018...