The Labor Department released new inflation data Wednesday showing the consumer price index increased 4.2 percent over the past year and 0.5 percent in May alone.

Senate Minority Leader Chuck Schumer criticized the Trump administration following the release of the inflation figures. The New York Democrat attributed the rising prices to administration policies, though he did not specify which policies he believed were responsible for the increases.

The consumer price index measures the average change in prices paid by consumers for goods and services over time. The 4.2 percent annual increase represents the rate of price growth compared to the same period last year.

The May monthly increase of 0.5 percent indicates continued upward pressure on consumer prices across various sectors of the economy. The Labor Department's Bureau of Labor Statistics compiles the monthly CPI data by tracking price changes for a basket of goods and services commonly purchased by consumers.

Inflation data is closely watched by policymakers, economists and financial markets as an indicator of economic health and price stability. The Federal Reserve considers inflation trends when making decisions about monetary policy and interest rates.