Consumer prices rose 3.3% in May, compared to 12 months earlier, Labor Department

Consumer prices in May rose 3.3% compared to 12 months earlier, the Labor Department reported Wednesday. 

The rate was slightly less than the annualized rate in April of 3.4%, according to the agency's Bureau of Labor Statistics report on inflation. 

Economists forecasted inflation for last month would be 3.4%, still above the 2% target set by economic policymakers, according to NBC News. 

Later today, the Federal Reserve will release its latest policy statement that is expected to keep interest rates steady.