Americans already struggling with affordability saw prices rise again in April, as surging oil costs stemming from the Iran war kept driving up prices at the gas pump and impacted supply chains for other goods.
The Bureau of Labor Statistics' Consumer Price Index, its measure of inflation, revealed prices rose 0.6% from March to April and were up 3.8% from a year ago. Those readings came in above forecasters’ expectations and mark inflation's highest level in nearly three years.
A 5.4% rise in gas prices over the month again drove the increase, following a record 21.2% spike in March. Over the year, gas prices are up 28.4%.
The cost of energy, shelter, and food also increased over the month, while the price of new vehicles and medical care declined, the agency said.
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