Goldman Sachs Research previews the US May CPI report on Wednesday.

"We forecast that the core CPI rose a soft 0.17% in May (vs. consensus +0.3%) and 2.79% year-over-year. We expect benign 0.22% increases in rent and OER, another large increase in airfares (2%) due to higher jet fuel prices, and downward pressure from residual seasonality on the communication categories," GS notes.

"We forecast that headline CPI rose 0.45% in May and 4.17% year-over-year, up from 2.43% in February. Our forecast is consistent with a larger 0.27% increase in core PCE prices in May, which will get a boost from the impact of higher equity prices in April on financial services," GS adds.