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Inflation jumped in April to the highest level in nearly three years as surging gas prices due to the Iran war pushed up the cost of many consumer goods.
The consumer price index, a key inflation measure, rose 3.8% in April from a year earlier, the U.S. Bureau of Labor Statistics reported Tuesday. That’s up from 3.3% in March.
The April data paints a clearer picture of the financial fallout for consumers after, at that point, more than a month of conflict in the Middle East.
“American households are going to continue to struggle trying to manage through this, and that’s going to be the case for the foreseeable future,” said Mark Zandi, chief economist at Moody’s.
