U.S. consumers are blaming the Iran War for the recent inflation surge. But data shows prices are rising in more areas than just energy.
The consumer price index climbed 0.6% in April on a seasonally adjusted basis, bringing the 12-month inflation rate to 3.8%, the Bureau of Labor Statistics reported Tuesday. Annual inflation is now advancing at its hottest clip in nearly three years.
“Consumers are doing their best to absorb higher energy costs, but they’re not finding much relief elsewhere,” said Bret Kenwell, U.S. investment analyst at eToro. “Inflation pressure isn’t just at the pump, it’s showing up across the household budget.”
Tuesday’s report comes days after the University of Michigan released a record-low preliminary reading for consumer sentiment. Rising oil prices tied to the Middle East conflict were a key detractor on confidence, according to the release.
But Tuesday’s CPI data shows consumers are facing sticker shock in other areas. Here are some of the places where prices are rising fast:
