The U.S. Consumer Price Index, a major gauge of the country's inflation, increased 0.1% in May, compared to the previous month, the Bureau of Labor Statistics said Wednesday. 

Analysts projected an increase of 0.2%, the same increase from March to April, according to CNBC.  

The inflation rate in May was 2.4%, compared to the same time last year – lower than the projected 2.8%. 

The index for shelter, or housing, rose 0.3% in May and was the primary factor in the all-item's monthly increase, the bureau's report also shows.